But the deal, in very Brazilian fashion, allowed working civil servants to draw a pension of up to the same value as the proposed maximum wage, in effect doubling their maximum earnings.
Deductible IRAs (with the same maximum contributions) are available to those with lower incomes or without any other pension. (Nondeductible tax-deferred IRAs are open to all but are not worth it, given the current low top 15% tax rate on long-term capital gains and dividends.) While you're at it, consider doubling up and making your 2004 IRA contributions in January, too.
Example: When Verizon Communications (nyse: VZ - news - people ) partially froze its nonunion pension plan covering 50, 000 workers in July, it raised the maximum company match (assuming it hits profitability targets) to 9% of salary for a worker who saves 6%, up from 5% for one who saves 6%.