Year-end obsessive man is here again. Previously, I wrote of the importance of using your FSA funds before losing them, maximizing your match in December and taking tax advantage of any capital losses. Today, is tip # 4 and concerns IRAs.
Don’t wait until April 15, 2009 to make your 2008 IRA contribution.
Certainly, don’t wait until April 15, 2009 to figure out where your 2008 IRA contribution money is coming from.
Whether with finances or a birthday party, when you wait to the last minute, things typically don’t go as well as you had hoped (or as if you had planned). By saving between now and next April in your IRA two good things happen:
- You’ll probably increase the total amount you’re able to save because it’s not just the amount you can come up with at the deadline.
- You’ll begin to take advantage of tax-deferred growth sooner and for longer.
Don’t wait. Also, remember: if you miss making your entire 2008 IRA contribution by April 15, 2009, you can’t make it up later.
Check out the 2008 and 2009 IRA limits. Disclosure: I wrote it.
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