Warren Buffett once said, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” It’s planting season and your deadline to act is coming up very soon!

If you have an individual retirement account (IRA) or are considering opening an IRA, 2017 contributions to IRAs can still be made up through April 17, 2018.

[Tax day falls on April 17, 2018. Usually, April 15 is the day taxes and IRA contributions are due. But in 2018, that falls on a Sunday. On Monday, the District of Columbia celebrates Emancipation Day. That affects taxes the same way federal holidays do. Therefore, the tax deadline is pushed out to the following Tuesday, April 17.]

Make it a double? If you really want to make the most of the growth potential that retirement accounts offer, you should consider making a double contribution this year: a last-minute one for the 2017 tax year and an additional one for 2018, which you’ll claim on the tax return you file next year. That strategy can add much more to your retirement nest egg than you’d think.

2017/2018 Annual IRA Contribution Limits*

• Traditional/IRA Rollover: $5,500 ($6,500 if you are 50 years old or older)
• Roth IRA: $5,500 ($6,500 if you are 50 years old or older)
• SIMPLE IRA: $12,500 ($15,500 if you are 50 years old or older)
• SEP IRA: $54,000 (2017); $55,000 (2018)

*Note: The maximum contribution limit is affected by your taxable compensation for the year.

The savings, tax deferral, and earnings opportunities of an IRA make good financial sense. The sooner you make your contributions, the more your money can grow, and the more “shade” you’ll have to enjoy in the future.

If you have any questions about how to make the most of your IRA savings opportunity, please give us a call at 704-350-5028.