Consider opening and/or funding a traditional IRA
In 2017, as in 2016, you can contribute up to $5,500 to one or more traditional or Roth IRA(s) — in total. If you’re 50 or older, the limit is $6,500. With a traditional IRA, a $5,500 contribution will reduce your taxable income by $5,500 — saving you $1,375 if you’re in the 25% tax bracket. It can be invested, growing on a tax-deferred basis until it’s taxed when you make withdrawals in retirement. Retirement Smart Moves Future Income Financial Security Investment Savings