That’s right, Uncle Sam kindly gives you until tax day to max out your IRA savings for the previous year.
If you haven’t hit your contribution limit for last year, add cash now. If you’re under 50, your traditional and Roth IRA contributions are capped at $5,000 for 2012. Over 50? The max is bumped up to $6,000.
Example: If you sock away an extra $3,000 now in your IRA, you can subtract that amount from your taxable income for last year, so you pay a little less in taxes (although, you’re taxed later, when you take the money out in retirement).
Still, it’s like saving twice.
Don’t yet have an IRA? Get the lowdown on regular vs. Roth.
And follow this simple recipe for getting started.