Contributing to an IRA is one of the most popular strategies.
For 2025, you can contribute up to $7,000, or $8,000 if you’re 50 or older.
Traditional IRA contributions may be tax-deductible, while Roth IRAs offer tax-free growth.
If you have a high-deductible health plan, consider a Health Savings Account.
These provide triple tax benefits: first, contributions reduce taxable income, second, growth is tax-free, and finally, withdrawals for qualified medical expenses aren’t taxed.
Limits for 2025 are $4,300 for individuals and $8,550 for families, plus an additional $1,000 if you’re 55 or older.
Are you self-employed?
A retirement plan known as a SEP IRA lets you contribute up to 25% of compensation, capped at $70,000.
Consult a tax professional to find the best options for your situation – and act before April 15.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC.
