Don’t miss the IRA contribution deadline. Be sure to make your 2017 IRA contribution before April 18. Fully funding your IRA for 2017 (and 2018) could mean a tremendous boost toward saving for retirement.
If you’ve been contributing $50 or $100 to an IRA each month, there’s room to contribute a lot more. Putting $600 or $1,200 in your IRA annually is nice, but you can direct as much as $5,500 into your IRA for tax year 2017 and up to $6,500 if you turned 50 in 2017. (These dollar limits apply whether you have one IRA or 21 IRAs – they represent the total amount an individual may contribute to one or more IRAs for the 2017 tax year. If your modified adjusted gross income, or MAGI, is high, then you may need to contribute less.) Traditional IRA contributions are fully or partly tax deductible for many IRA owners.1,2
As for your 2018 contribution, you have until April 15, 2019 to make that one, but you can also make it during 2018 and cross it off your to-do list. The earlier you make it, the more time you gain to take advantage of the potential for growth and compounding of your invested assets. Why forfeit a year or more of compounding power? Looking back, chances are you will be very glad you contributed what you did when you did.3
Don’t delay – contact our Wealth Management department today, so they can help you fully fund your IRA.
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1 – fool.com/retirement/2018/01/28/you-can-still-make-this-one-key-move-to-lower-your.aspx [1/28/18]
2 – irs.gov/retirement-plans/traditional-and-roth-iras [10/25/17]
3 – thebalance.com/ira-limits-contributions-and-income-2388291 [12/31/17]