The other thing to keep in mind is you must make the contribution by 4/15/2014 and designate it as a 2013 contribution. Doing it this way will allow you to contribute again in 2014.
Retirement planning is vital for everyone.
Typically, The contribution limit for 2013 and 2014 into a Traditional IRA (Individual Retirement Account) is $5,500, OR $6,500 if you’re age 50 or older. Your Roth IRA contributions may also be limited based on your filing status and income.
If you are self-employed you may be eligible for more contributions to a SEP-IRA, SIMPLE IRA or SARSEP IRA.
With regard to tax planning it is important to know that If neither you nor your spouse is covered by a retirement plan at work, your deduction IS allowed in full. For contributions to a Traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Roth IRA contributions are NOT deductible.
It depends on what you mean by "just turned 50".
You can still contribute to an IRA for 2013. So, if you turned 50 before December 31st, you can contribute $6,500 ($5,500 + $1,000 catch-up) for a 2013 IRA. If you didn't turn 50 before the end of the year, your contribution for 2013 would be limited to $5,500.
If you are contributing for 2014 you can contribute $6,500 (same math).
The amount may go up in the future depending on inflation.