Don’t Procrastinate On Your Roth IRA Contributions (2026)

Want to get more out of don procrastinate roth ira without the guesswork? Below we walk through the essentials in plain language, with practical steps you can use right away.

Key Takeaways

• SharePin4Tweet22Share127 SharesEvery October, the IRS announces changes to the rules that govern Individual Retirement Arrangements (IRAs).
• Since of the government shutdown, these changes were delayed by a couple of weeks this year.
• The Importance of Annual Roth IRA Contributions Be honest with yourself.
• Worth noting: have you maxed out your Roth IRA for the 2013 tax year?

How Don Procrastinate Roth Ira Really Works

Though, just since the government delayed its rollout of the new limits, don’t think that provides you an excuse to put off your Roth IRA contributions. If not, you still have until April 15, 2014.

• If at all possible, you should make the maximum contribution for 2013 and begin preparing to do so in 2014.
• Since each year you wait costs you large money in retirement.
• More importantly, for instance, let’s say you’re 30 years old and your goal is to retire in 2048 at age 65.
• If you put off making a contribution in 2013 and 2014, then contribute $5,500 per year (the current maximum) at an 11% rate of return, you’ll end up with $1,515,410.72 in 2048.

Getting the Most From Don Procrastinate Roth Ira

But if you make the maximum contribution for 2013 and 2014 as well? You’ll end up with $1,878,742.55.

• Remember that that’s a difference of $363,331.83 - all since you saved $11,000 over the next 18 months!
• Each year you wait to begin saving, you pay a high price for your procrastination.
• So do yourself a favor and commit to saving for your future right now.
• Everyone Can Contribute Everyone can contribute, so don’t make any excuses.

Tips That Make a Difference

As a rule, think you earn too little to contribute? Find a method to earn added money or cut expenses.

• Think that’s too hard?
• Is it harder than working 40+ hours a week in your 70’s?
• In short, remember, unlike a 401k, Roth IRA contributions can be withdrawn tax-free and penalty-free at any age for any reason.
• This is why Suze Orman says a Roth IRA doubles as an emergency fund.

Common Mistakes to Avoid

On the flip side, think you earn too much to contribute to a Roth IRA? The Roth IRA conversion rules in 2014 are the same as the 2013 rules, meaning anyone can convert a 401k or a Traditional IRA to a Roth IRA regardless of income.

• Worth noting: in years past, the IRS barred high income earners from making Roth IRA conversions.
• But in 2010, Congress allowed the $100,000 income limit on Roth IRA conversions to disappear.
• It may reappear sometime in the future, but as of now, it looks like 2014 will be another year without the conversion income limit.
• So if you’re a high income earner who’s at no point taken the opportunity to make a Roth IRA contribution, take advantage now!

Is Don Procrastinate Roth Ira Worth It?

More importantly, anyone, regardless of income, can make non-deductible Traditional IRA contributions, then convert those non-deductible Traditional IRA contributions to a Roth IRA tax free (since your original contributions have already been taxed). Effectively, it’s a back door method for high income earners to make Roth IRA contributions.

• Though, if you pick to go this route, beware of the pitfalls.
• Seek the advice of a financial professional who can guide you through the process - especially if you’ve made Traditional IRA contributions in the past.
• Remember that the IRS doesn’t allow you to segregate your non-deductible and deductible Traditional IRA contributions when making a conversion.
• So if you currently have a Traditional IRA, odds are that you’ll owe taxes on a conversion.

Where the Real Savings Hide

Looking Ahead Similar to 2013, the 2014 Roth IRA rule changes were relatively minor. The contribution limits for a Roth IRA in 2014 stayed the same as last year.

• As a rule, they remain: $5,500 if you’re under age 50 $6,500 if you’re age 50 or older For 2014, the IRS increased the Roth IRA income limits in an effort to keep pace with inflation.
• The range for married couples moved from $178,000-$188,000 to $181,000-$191,000 while the range for singles changed from $112,000-$127,000 to $114,000-$129,000.
• As of this writing, all other rules and limits remain the same year over year.
• On January 1st, millions of Americans will make New Year’s resolutions to lose weight and contribute to their retirement accounts.

A Closer Look at Don Procrastinate Roth Ira

In short, they’ll stay on the straight and narrow for a few weeks or months, then they’ll go back to their bad habits. Don’t be one of them.

• Get a head begin.
• Commit to saving for your future right now, before the excess Christmas shopping and end of year gatherings take a bite out of your budget!
• Worth noting: should You Convert Non-Deductible IRA Contributions To A Roth IRA?Oh what a excellent year for debate on Roth IRA's and Roth IRA Conversions!
• In addition the contribution limits phase out for certain… SharePin4Tweet22Share127 Shares.

Frequently Asked Questions

How can I save money on don procrastinate roth ira?

Compare prices across a few retailers, look for active coupon codes, and time bigger buys around sales events. If not, you still have until April 15, 2014.

Is it worth shopping around for don procrastinate roth ira?

Usually yes. If at all possible, you should make the maximum contribution for 2013 and begin preparing to do so in 2014.

What should I check before buying?

Read the terms, confirm any code still works, and factor in shipping or returns. Since each year you wait costs you large money in retirement.

Smart Ways to Save More on Don Procrastinate Roth Ira

• Leave items in your cart for a day; some stores send a follow up discount.
• Pair cashback with a coupon so you save twice on the same order.
• Stack a coupon code with an existing sale whenever the store allows it.
• Sign up for the retailer newsletter to catch first time and seasonal discounts.
• Compare the final price including shipping, not just the headline number.

Final Thoughts

Put these ideas to work and don procrastinate roth ira gets a lot less expensive. Bookmark this page, check back for fresh deals, and let the savings do the talking.

Originally published at biblemoneymatters.com.