Until what date can you open an IRA and take a deduction for the prior year?

Louis BarajasFinancial Life Healer

Biggest Financial Regret #2

8 Apr 2025 · 1 min

Watch on YouTube

1:19

Louis Barajas (financial adviser/content creator) explains a common later-life regret: not starting a retirement plan. He urges viewers not to ignore workplace retirement plans (401(k), 403(b), 457) or individual options (Simple IRA, SEP IRA, traditional/ROTH IRA) and notes that during tax season you can still open an IRA and take a deduction for the prior year up to April 15th. He cautions against social-media "gurus" who push products like IULs (index universal life) or annuities—suggesting they may be selling those products—and reiterates: if you haven't started, begin now to avoid regret.

Questions this video answers

April 15th.

Chapters

The biggest regret that most people tell me when they're in their 40s, 50s and 60s, I wish.
Welcome back. This is Luis Barajas, your financial life healer, and we're doing a series on regrets. The first one was not starting early enough. Number two is the biggest regret that most people tell me when they're in their 40s, 50s and 60s. I wish I would have started my retirement plan. And so whatever you're doing, do not ignore your retirement plan at work or a retirement plan. Right now we're into tax season and you know that you can still have until April 15th to open up an IRA and take a deduction on your tax return for last year. There's been a lot of news in social media where you see a lot of these financial gurus saying you shouldn't be investing in retirement accounts, you should be investing maybe what they call Iuls index universal life policies or annuities or something different. They're just trying to steer you to buy a product that they're probably selling, right? So if you have not started with your company's 401K, 403B, 457, or your own Simple IRA or your own SEP IRA, if you're an independent contractor or just a regular IRA, just get started, don't have any regrets.