Last Chance IRA Action Guide: What You Can Still Do Before April 15th
Did You Know?
It’s quietly alarming how many people over 50 are missing out on one of the simplest retirement tools still available to them.
Let’s look at the numbers:
Nearly 1 in 5 adults aged 50 and older have no retirement savings at all, according to a 2024 AARP study.
Among those who do, only 20% of households in our age group made contributions to a Traditional or Roth IRA last tax year.
Why people our age are not contributing to IRAs? The reasons are deeply relatable: juggling mortgage payments, caring for kids or aging parents, and that all-too-familiar feeling of “starting too late.” Many believe that small contributions won’t make a difference—so they don’t begin at all. But more often, it’s simple lack of awareness or procrastination that holds people back. Not knowing how these accounts work—or how close the deadline really is—can lead to inaction.
Meanwhile, younger generations like millennials are contributing to Roth IRAs in record numbers, often planning for early retirement with tools that many of us haven’t been taught to fully use. And the gap continues to widen.
Facts About People Who Have IRAs
What IRA Holders Can Teach Us About Financial Success
If you're wondering whether opening an IRA is worth it — the answer is a confident yes. People who take that step aren’t just saving money… they’re building freedom, peace of mind, and choices for their future. The truth is, IRA holders tend to be more financially prepared, more confident in retirement, and more intentional with their money. The best part? It’s never too late to start. These small, smart moves compound over time — and with the right guidance, you can absolutely build a retirement you feel excited about.
What Sets IRA Holders Apart - Habits of Financially Successful People:
Ira Holders Tend to Be Better Financial Planners
IRA Holders Have Significantly Higher Median Net Worth
They Start Earlier
They Are More Consistent Savers
They Are More Likely to Have a Retirement Plan
They Make Use of Tax Advantages
They Often Work With Advisors or Use Planning Tools
Why I’m in the Pro-IRA Camp
I was raised by a devoted public schoolteacher — my dad — who never had access to solid retirement planning tools like IRAs or employer-sponsored 401(k)s. I watched firsthand what happens when the numbers don’t add up. After he passed, my mom was left to carry the financial burden with very little retirement income to rely on, despite a lifetime of hard work and frugality.
That experience shaped me. I made it a priority early on to contribute consistently to every retirement plan available to me — starting with my company 401(k), and later opening my own Traditional IRA, Roth IRA, and Health Savings Account (HSA). These are now foundational pillars in my personal retirement plan.
I’m a "set it and forget it" kind of saver. My contributions are automatic. I don’t debate whether I’ll invest — I build it into my life like a non-negotiable expense. If I were to give you one pearl of wisdom, maximize IRA & HSA Contributions whenever possible. Here’s what I know for sure: consistently contributing to IRAs has directly impacted my net worth, financial independence, and my confidence about retirement.
Whether you think IRAs and retirement programs are too complex, outdated, or not meant for someone like you—they can offer tax advantages, future security, and a path forward. Even a small move before April 15th can create powerful momentum.
Your IRA & HSA Options: What You Can Still Contribute to Before April 15
Before we dive into the checklist, let’s break down the four key accounts you still have time to contribute to—each with its own strengths and savings potential.
Traditional IRA
Contributions may be tax-deductible, depending on your income and whether you have a retirement plan at work
Grows tax-deferred, meaning you won’t pay taxes until you withdraw
Great option if you're looking to lower your taxable income this year
Open a Traditional IRA with Fidelity or Vanguard (affiliate)
Roth IRA
Contributions are not deductible, but withdrawals in retirement are 100% tax-free (if qualified)
Ideal if you expect to be in a higher tax bracket later or want long-term tax-free growth
Note: There are income limits for Roth IRA eligibility
Compare Roth IRA options with Schwab or M1 Finance (affiliate)
Catch-Up Contributions (Age 50+)
For both Traditional and Roth IRAs, there are catch-up limits to help you save more
If you’re married and both are eligible, you can put away even more by April 15th
Your exact limits are included in the checklist below!
SEP IRA (for Side Hustlers & Solopreneurs)
Available if you're self-employed or earn 1099 income
Contribute up to 25% of net earnings
Must be set up and funded by April 15 (or by October 15 if you file an extension)
Learn how to open a SEP IRA (affiliate)
HSA (Health Savings Account)
Available to those with a High-Deductible Health Plan (HDHP)
Offers a triple tax benefit: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses
HSAs can be used now—or strategically saved for medical expenses in retirement
Explore HSA providers, many companies offer them or consider Fidelity or HSA Bank, there are many options
Your IRA Action Plan: Don’t Miss the April 15th Opportunity
These are real tools that can move your retirement forward—even if you’re starting small, even if you’re behind. The key is knowing what’s still available and taking action before the April 15th deadline.
Want help figuring out which account is right for you, how much you can contribute, where to put your money if you are new to IRAs —or how to get it done fast?
Get Your Last Chance IRA Checklist
Take clear, actionable steps this week, before the deadline passes. Whether you need to choose the right account, label your contribution correctly, or track what you've already saved, this free download has you covered.
Let’s make your money move with purpose.
Stay wise, stay well, and plan smart.
— Regina, Well Wise Wealth
WWW Recommended Further Reading:
Smart Women Finish Rich by David Bach
The Psychology of Money by Morgan Housel
Retire Before Mom and Dad by Rob Berger
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