If you couldn't max out your individual retirement account in 2021, don't despair.
If someone didn't max out their IRA in 2021, the April deadline means they can sock away more money next year. In March, they could contribute the full $6,000 earmarked for 2021 and put in another $6,000 for 2022.
For example, someone putting money into an IRA monthly would need to contribute $500 each month to get to $6,000. For many Americans, that's not feasible, but they might have extra money at the end of the year — or the beginning of a new one — to invest, especially if they get a bonus or a raise. For those contributing to a traditional IRA, there may be tax benefits for contributions before the end of the year. Some of those savings can be deducted from taxes, potentially lowering your liability. In addition, low-income workers may be eligible for the saver's credit if they use a traditional IRA.
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