Smart Financial Moves to Close Out 2024: IRA & HSA Edition

With Tax Day approaching, it’s the perfect time to ensure you’re taking full advantage of your tax-advantaged savings options for 2024. Here are two important options to keep in mind:

1. Maximize Your IRA Contributions

Did you know you can still contribute to your 2024 individual retirement account (IRA) until April 15, 2025? It’s a fantastic opportunity to boost your retirement savings while potentially enjoying a tax deduction. Be sure to check the annual contribution limits and make sure you’re on track to maximize this benefit. Depending on your income and filing status, your contributions might be tax-deductible, adding even more value.

2. Don’t Overlook Your Health Savings Account (HSA)

If you’re enrolled in a high-deductible health plan, your HSA is another powerful savings tool. You have until April 15, 2025, to make contributions for the 2024 tax year. HSAs come with incredible triple tax advantages: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are tax-exempt. It’s a win-win-win for your health and your wallet!

These two strategies can help you maximize your tax savings while strengthening your financial future. Whether it’s retirement or health care, making the most of these opportunities now can set you up for long-term success.

If you’d like to review your contributions or explore these options further, we’re here to help. Let’s work together to ensure you’re making the most of these valuable financial tools. 

If you’d like further advice, please don’t hesitate to reach out! Here’s to a bright financial future!