You’ve already checked under the sofa cushions for spare change. Before you look behind the car seats, here are five new ways you can find extra money for your Individual Retirement Account (IRA).

In 2017, you can put up to $5,500 a year in your Traditional IRA or Roth IRA. That’s a great opportunity to save for retirement, but where are you going to find that much money?

  1. Use your tax refund. That’s almost a no-brainer. And it’s easy.
  2. Keep making contributions to your IRA for the previous year until Tax Day. The IRS lets you fund last year’s IRA up until Tax Day. That’s 3½ extra months. Yes, the money in those months also could have gone into this year’s IRA. How do you make up for the difference? See #1 above.
  3. Open another IRA. If you only have a Traditonal IRA, you can open up a Roth IRA. You still can’t exceed the $5,500 maximum total annual contribution, but having two IRA’s lets you explore different tax scenarios.
  4. Think you don’t make enough to afford IRA contributions? The Saver’s Credit (aka Retirement Savings Contribution Credit) helps low and moderate-income wage earners fund their IRAs with a credit of up to 50% of the first $2,000 contributed. (Most workers will get less than the full credit, but every dollar helps, right?) To be eligible, your adjusted gross income in 2016 must be less than $30,500 for single or filing separately, $61,000 for filing jointly, or $45,750 for head of household.
  5. Set up an automatic investment plan. Most banks can automatically transfer a set amount out of your bank account each month and transfer it electronically into your IRA account. No muss, no fuss. Out of sight. Out of mind…Well, you get the point.

If you’re in the opposite situation with a few extra bucks hanging around and you’re over 50, you can contribute an extra $1,000 each year into your IRA for a maximum yearly contribution of $6,500. Sweet!

Securities and investment advisory services offered through Voya Financial Advisors, Inc. member SIPC.

Neither Voya nor its affiliated companies provide tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation. 
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