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Joshua Street

Prior Year Contributions

Financial Planning

Roth IRA nest eggs

With the April 15th tax filing deadline coming up, many are considering making a prior year contribution for 2015 into their Traditional or Roth IRAs.  If you earned money during 2015 and are under 70.5 years old, it’s at least worth considering whether it’s in your best interest to contribute either some money to yours or even potentially max out your prior year contribution.  Tax advantaged vehicles can be an attractive way of compounding wealth for those who don’t plan on needing their savings until later in their life after they reach 59.5 years old, and, depending on your current situation, making a prior year contribution may even reduce the amount you owe the IRS for 2015.  With that said, maxing out your contributions to IRAs may not be the most appropriate solution for you, depending on whether you have other retirement savings options through a plan at work, whether you have other intentions for your income in the short-run (i.e. a preference to pay off debt), or whether you may have plans to use your savings sometime before the traditional retirement age (i.e. starting a business).  Working with a competent, fee-only financial advisor can help to clarify your personal goals and develop the best strategy to help you improve your odds of successfully getting where you want to be.



My short blog entry is only meant as a reminder of the upcoming deadlines; it is not advice specific to your personal financial situation.  You should consult with your financial planner and tax professional before taking action.  Additionally, the website is a great resource for more information about retirement contributions:,-Employee/Retirement-Topics-IRA-Contribution-Limits



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The broader finance industry is constantly evolving and providing new challenges for practitioners and end users alike. Acknowledging this fact, the best way to effectively manage your own finances and the finances of others is to become a lifelong student of finance. Josh Street created the Student of Finance blog to share relevant and timely topics that are related to financial planning, investments, and managing wealth.

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The commentary on this website reflects the personal opinions, viewpoints and analyses of Joshua Street and should not be regarded as a description of services provided by his employer or its affiliates. The opinions expressed in this website are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide general education about the financial industry. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Any indices referenced for comparison are unmanaged and cannot be invested into directly. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.