Another way to reduce your taxable income is by contributing to a traditional IRA. The maximum contribution is $7,000 in 2025 ...

Key Takeaways. An after-tax 401(k) contribution allows you to deposit more than the $23,000 pretax limit for 2024 ($30,500 for those age 50 or older).

Key Takeaways. Retirement savers under age 50 can contribute up to $7,000 to an IRA in 2024. An IRA is not a type of investment; instead, it's a tax-advantaged account that holds investments.