It's not too late to contribute to an IRA or an HSA for 2021. Here's why it makes sense to do so now.

You still have time to contribute the maximum amount to an individual retirement account or health savings account for 2021, as the deadline is only a month away.

The deadline for 2021 contributions and individual tax returns is April 18, 2022.

It makes sense for those who can afford it to save for the previous tax year in these accounts.

Ed Slott, CPA and founder of Ed Slott and Company, stated that taking advantage is something you always want to do if you have the financial means.

To achieve financial success, start by getting organized.

Invest in an IRA

An IRA is one place where you can contribute now and have it count towards the 2021 tax year, as these accounts allow individuals to save money outside of employer-sponsored 401(k) or 403(b) plans.

In 2021, individuals with earned income can contribute up to $6,000 in a traditional or Roth IRA, while those aged 50 or older can make a catch-up contribution of $7,000.

Contributing money to an IRA for the 2021 tax year can help you catch up on retirement savings or increase your savings cushion.

If you are 40 and have $10,000 to invest, but you only put $2,000 in a Roth IRA for 2021, you can make the maximum contribution of $4,000 for 2021. After that, you can invest the remaining $6,000 in the account for 2022.

Investing in a Roth IRA has an added advantage: the contributions are made with after-tax dollars, so you won't owe taxes when you withdraw the funds during retirement.

According to Christine Benz, director of personal finance at Morningstar, that is the optimal starting point, particularly for young investors.

Slott stated that by planting seeds for trees that will grow in the future, you aim to reap tax-free benefits from those trees.

Fund a health savings account

Another option for saving money for the 2021 tax year is through an HSA.

High-deductible health plans typically cover individuals who are eligible for certain accounts.

In 2021, the maximum amount that individuals can contribute to their HSA is $3,600, while families can contribute up to $7,200. Those aged 55 and above can add an extra $1,000 as a catch-up contribution.

The appeal of HSAs lies in their triple tax advantage: contributions are made with pre-tax dollars, the funds grow tax-free, and qualified healthcare expenses are tax-free upon withdrawal.

Benz stated that HSAs are the most tax-advantageous option.

Unlike other types of saving accounts, HSAs allow money to be rolled over at the end of the year, making it a "use it or keep it" situation.

You can adjust the amount you contribute to your payroll withholdings at any time during the year.

To receive the 8-week course on financial freedom, Money 101, click here. For the Spanish version, click here.

A 74-year-old retiree is now a model, proving that you don't have to fade into the background.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.