There is still time to make 2025 contributions to Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs). The deadline is this year’s tax filing deadline April 15, 2026. This is important because there is a limit on how much you can contribute each tax year.

Individual Retirement Accounts (IRAs):

• Tax-Free Growth: Money in IRAs can grow tax-deferred (Traditional) or tax-free (Roth).
• Eligibility: An individual or their spouse must have earned wages to be eligible to make contributions. If one spouse does not have income, a spousal IRA can be opened in their name.
• Contribution Limits: The maximum IRA contribution limit for each person in 2025 is $7,000 with an additional $1,000 catch-up contribution if you are age 50 and older.
• Distributions: Early distributions may be subject to tax and penalties. Understand distribution rules and exceptions to penalties.

 Traditional IRAs:

• Contributions made for 2025 are deductible from that year’s earnings.
• Qualified distributions are taxed at ordinary tax rates.
• If you or your spouse is not covered by a retirement plan at work, the contribution is fully deductible.
• Higher-income individuals covered by a retirement plan at work may have the deduction reduced or eliminated.
• Find out more about traditional IRA deduction limits

Roth IRAs:

• Contributions do not provide a tax deduction.
• Qualified distributions are tax-free.
• Married couples filing a join return can have a Modified Adjusted Gross Income (MAGI) under $236,000 and single filers MAGI under $150,000 to contribute the maximum amount. Above those levels, the contribution amount begins to phase out.
• Find out more about Roth IRA contribution limits.

Contributions can be made into one type of account or split between Roth and Traditional. You can find additional information about IRAs on the IRS web site .

Health Savings Accounts (HSAs):

•  Eligibility: If you have a High Deductible Health Plan (HDHP) you can make contributions to an HSA.
• Triple Tax Advantages: Contributions are tax-deductible, earnings are not taxed, and distributions for qualified medical expenses are not taxed.
• Tax-free Accumulation: Balances in the account can accumulate and do not need to be spent each year.
• Contribution Limits:

The maximum amount an individual may contribute to their HSA in a tax year is based on:

• The months during the year that they were considered HSA eligible.
• The type of coverage the individual had during those months (self-only or family).
• 2025 HSA contributions limits are $4,300 for those with self-only coverage and $8,550 for those with family HDHPs.
• Age 55 and older can add an additional $1,000. The contribution limit applies to the total of your contributions and those made on your behalf.

• Payroll Deductions: Contributions made through your paycheck are exempt from federal and payroll taxes.
• Direct Contributions: You can make contributions directly to the HSA account up to the tax deadline and receive a federal tax deduction.
• Distributions:
  • Prior to age 65, distributions for non-qualified medical expenses are subject to tax and penalties.
  • After age 65, withdrawals for any reason are penalty free but still taxable if not used for qualified medical expenses.
  • Find out more about HSAs.

 Review Your Situation

Take time to review IRA and HSA contribution options for 2025.  These accounts can support both long‑term retirement planning and future health care needs. See if you can take full advantage of potential tax savings.

Sources:

U.S. Congress. Health Savings Accounts (HSAs) , retrieved 3/31/2026

Fidelity Financial Services, HSA contribution limits and eligibility rules for 2025 and 2026, retrieved 3/31/2026.

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