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Make Your Retirement Contributions by the Tax Day Deadline

April 14, 2022
Open or contribute to an Individual Retirement Account (IRA) before April 19 for potential tax savings.
Now that we're well into the new year, 2021 may seem like a distant memory. But you shouldn't be too quick to let go of the past year, at least not until you've maxed out your tax-advantaged retirement and healthcare savings account contributions. One of the best money moves you can make this year is maximizing contributions to your deductible or nondeductible retirement plan. 
Whether you’re retired or still working, you've contributed all year or have yet to start, here are a few tips to get the most from tax-advantaged retirement plans:
1. Know your contribution limits. 
If you contribute too much to your retirement account, you may have to pay taxes. Try to contribute as much as the law allows so you get the most benefit, but don't go over the annual contribution limit. Find contribution limits here.
2. Know your deadlines.
If you're just starting to contribute to an IRA for the previous year, don't fret. Eligible contributions made to your IRA by April 19, 2022, can be deducted from your 2021 taxes.
3. Make contributions. 
Contributions can be periodic or automatic – the choice is yours! If you do not currently have an IRA, you may open one before April 19 to maximize potential tax savings. 
If you have any questions, Middlesex Savings Bank is here to help. To get started, call our Information Center at 1-877-463-6287 or stop by one of our Massachusetts branches to speak with an experienced team member.
All accounts subject to approval. This material has been provided for general informational purposes only and does not constitute either tax or legal advice. You should consult with a tax or legal professional regarding your individual situation.
by Middlesex Savings Bank