Get tax-deferred growth on your savings with an IRA, and tax-free growth with a Roth IRA.
IRAs allow you to set aside up to $5,000.00 annually towards your retirement goals. Once you place your after-tax funds into your account, then you may deduct your deposits at tax time up to the limit you are entitled. You can even deposit funds up to April 15 of the following year and still deduct them for the previous tax year.
If you are over age 50, you can even “catch up” your retirement savings with additional allowances that the IRS provides (+$1,000).