(MONEY Magazine) – Whether you plan to put your first $2,000 into a 1991 Individual Retirement Account by the April 15 deadline or, like many MONEY readers, you've already socked away $10,000 or so in a series of accounts, tax time is an ideal time to re-evaluate IRA strategies. As you stare at today's puny 4% CD yields, you may already realize you don't want too much IRA money stashed in banks anymore. ''People say, 'Gee, this is my retirement money. I should put it in something conservative like a CD,' '' says Gordon Williamson (right), who runs a La Jolla, Calif. asset management firm. ''But CD yields will barely keep pace with inflation this year.'' That's why many advisers now recommend investing IRA dollars in mutual funds that offer growth and income. It's important to seek income, since deferring taxes on investment earnings is a key benefit of IRAs. Also keep in mind that in order to write off a full $2,000 IRA contribution against your income taxes ($2,250 for a married couple with a non-working spouse): 1) you and your spouse can't be covered by a pension plan; or 2) if one of you is covered, your joint income must be $40,000 or less ($25,000 or below for singles). Bush's proposals for IRAs wouldn't change those rules; they would just make it less costly to make certain withdrawals. The best way to balance your IRA investments now depends largely on your portfolio's size. For your first $2,000, keep 75% in stocks and 25% in bonds; or if you're near retirement, split the money evenly between stocks and bonds. Diversify larger IRA holdings by putting, say, 65% in stocks, 25% in bonds and 10% in a money-market fund or bank CD. Some worthy investments: Balanced funds, which typically invest in a mix of 60% stocks and 40% bonds and money-market securities, are especially attractive for one-stop IRAs because they combine growth and income. Arthur Micheletti, an investment strategist for the San Mateo, Calif. investment advisory firm of Bailard Biehl & Kaiser, favors the Vanguard STAR fund (1991 total return, 24.2%; 800-662-7447). He expects the fund's '92 total return to top 12%. Financial pros also suggest more adventuresome growth and income stock funds, which offer a better shot at capital gains than balanced funds do. Williamson, author of The 100 Best Mutual Funds You Can Buy (Bob Adams, $12.95), recommends Thomson Growth Fund B (1991 return: 41.9%; 800-628-1237). He anticipates growth and income funds will deliver double-digit returns this year. If you feel you need the security of guaranteed principal in your IRA, consider a five-year bank certificate of deposit. These CDs are now paying upwards of 1.5 percentage points more than one-year IRA CDs. Among the nation's top yielders are ones offered by Metropolitan Bank for Savings in Arlington, Va. (7.88% yield; 800-365-4351) and New South Federal Savings in Birmingham (7.41%; 800-366-3030). To switch your IRA from one institution to another, ask the place where you want to deposit the money for help. The process usually takes two to four weeks.