The contribution deadline for 2018 is April 15th. Have you contributed yet? Even if you’ve filed for an extension, that only applies to filing your tax paperwork, not contributions themselves. There are so many reasons to contribute to your IRA— don’t overlook the rewards. Not only are there tax benefits for contributing to most accounts, but you can’t beat saving for your financial future! So act— quickly! — while you still can.
Why Should You Contribute to Your IRA?
Especially if you invest with a self-directed IRA, making contributions every year can be an excellent strategy. Since there are limited ways to get additional funds into your IRA, why miss out on the opportunity? Investors appreciate having cash on hand for expenses, repairs, or— when the time is right, to prepare for when you’re of age— taking your Required Minimum Distribution (RMD) without having to sell any assets. Depending on the type of IRA you hold, this contribution is tax-deductible, which is another benefit investors love. You can also use this money to invest in other alternative investments and increase your chances of an early retirement, all while continuing to build wealth in your self-directed IRA.
Contribution limits for 2018 remain mostly the same as previous years. If you’ve already contributed the max amount for 2018, you’re set! You can go ahead and plan for 2019 contributions and be ahead of the curve for next tax year.
Want to know how to open a self-directed IRA and make a contribution before the deadline? We’d be happy to help. Please reach out to an IRAR Representative and someone would love to answer any questions you may have.