2024 IRA contribution deadline: There's still time to maximize your savings

The calendar has officially flipped to 2025, but you can still contribute to an Individual Retirement Account (IRA) for the 2024 tax year.

The deadline to make these contributions aligns with the due date for your income tax return, typically April 15, 2025 (unless adjusted for holidays or weekends). This means you still have time to maximize your tax-advantaged retirement savings opportunities for 2024 and potentially reduce your taxable income while building a stronger financial future.

Don't miss this chance to set aside funds for your retirement goals.

You have until April 15, 2025, to contribute to your traditional or Roth IRA and have it count as a 2024 contribution.

The easiest way to get your contribution in on time and allocated to the correct tax year is to do so online no later than April 15. If you make a contribution after Dec. 31, 2024, make sure you designate it as a 2024 contribution, so it doesn't get allocated to 2025.

If you prefer to mail a check for your IRA contribution, it must be postmarked by April 15, 2025, and designated as a 2024 contribution to be accepted for the prior tax year. Any contributions postmarked after that date are allocated to 2025.

Yes. Even if you don't have an IRA account open now—or any time in 2024—it's not too late to act. IRAs must be established by the tax filing deadline (without extensions) for the tax year in which your qualifying contributions apply. So you have until April 15, 2025, to open an IRA and potentially make a tax-deductible contribution for 2024.

The IRA contribution limits change from year to year, so it's essential to stay up to date on the current rules. The IRA contribution limit for both 2024 and 2025 is $7,000. Also, people age 50 or older can make an additional catch-up contribution of $1,000.

Your income plays a crucial role in determining eligibility and benefits for Roth IRAs and traditional IRAs.

Income limits determine whether you can contribute to a Roth IRA. These limits are based on your modified adjusted gross income (MAGI). When your MAGI tops a certain amount, depending on filing status, you only may be eligible to contribute a reduced amount to a Roth IRA—or not be allowed to contribute at all.

• If you make less than the minimum modified adjusted gross income (MAGI) listed, you can contribute to a Roth IRA
• If you make between the MAGIs listed, you can contribute to a Roth IRA, but it will be a reduced amount.
• If you make equal to or more than the maximum limit listed, you can't contribute anything to a Roth IRA. If this applies to you, check out these alternatives

For traditional IRAs, there's no income limit for making contributions. However, there are limits that affect whether you can deduct those contributions on your taxes. If you're covered by a retirement plan at work (or if you are not covered but your spouse is), your deduction will be reduced or eliminated at the following income levels:

If you have a SEP or SIMPLE IRA, the deadline for contributions may be different than the IRA contribution deadline for traditional vs. Roth IRAs:

The deadline for contributing to a Simple Employee Pension (SEP) IRA—used by businesses or self-employed people—is based on when the business' tax returns are due, including extensions. If your business runs on a calendar year, you can extend your business return and make contributions to your SEP IRA as late as Oct. 15, 2025, and have them count as 2024 contributions.

With a SIMPLE IRA, employee salary deferrals are taken from each paycheck, and the employer has 30 days to deposit that money in the IRA account. So they will have 30 days from your last paycheck of the year to contribute for the prior year.

You don't have to keep these dates posted on your fridge year-round. A Thrivent financial advisor can help keep you on track. They can look through all the options to maximize your retirement contributions, enjoy tax-efficient savings and gain confidence in your retirement path.

You also can get started on your own by reviewing IRAs available through Thrivent Mutual Funds. See the options