Did you know you can contribute to an IRA up to April 15th and potentially get a tax deduction? The contribution limit for 2023 is $6,500 (plus $1,000 if you're 50 or older). The catch is that you may not qualify for the deduction if you have a workplace retirement plan and your income is too high. If you're eligible, weigh your goals and consider your immediate expenses before contributing.
Married couples where one spouse doesn't work can take advantage of spousal IRAs. These accounts allow the non-working spouse to contribute to an IRA based on their spouse's earned income. The contributions can reduce taxes for that year and help grow retirement savings. The deadline to contribute for 2023 is April 15th. Consider consulting a financial advisor to determine if a spousal IRA makes sense for you.
