There is a major retirement savings shortfall in America, with the vast majority of retirees not saving nearly enough to cover their expected income needs in retirement.
In an effort to help fix this problem, the IRS offers some rather generous tax advantages for retirement savers, and the deduction for traditional IRA contributions is an example that is available to most American workers. This could save the average single taxpayer $825 on their 2018 tax bill, and the average married couple could save double this amount, or $1,650. Many people could save even more.