There's Still Time to Make a 2024 IRA Contribution

There's still time to make a 2024 IRA Contribution 

During these uncertain times, setting aside money for your retirement might seem less important. But it is times like these that are exactly when you should think about taking control of your retirement savings. Consider taking advantage of the tax law that allows for increased Individual Retirement Account (IRA) and retirement plan contributions.

The maximum IRA contribution for 2024is $7,000 (or, 100% of earnings if less than $7,000). These limits apply to contributions for yourself, and your spouse (working or non-working). Contributions made to a Traditional IRA may be tax deductible, depending on income and participation in an employer-sponsored retirement plan.

The last day to make a contribution to your IRA for 2024is April 15,2025–a filing extension will not extend this deadline.

For Age 50 or Older: Catch-Up Contributions

For2024 contributions, an additional $1,000 will be allowed as a “catch-up” contribution for IRA owners age 50 or older. This “catch-up” provision may be very helpful to investors who want to increase the amount they have set aside for retirement.

Reach Out to Our Office

Should you have any questions on how to make the most out of your IRA this year and in the year to come, please don't hesitate to reach out to our office.  And, to plan for the year ahead and 2025 contribution limits, check out the article below.