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An increasing number of employers are offering their employees the option to have a Health Savings Account (HSA). If your employer offers a Health Savings Account and you can afford it this is a saving option to allow you to save for retirement or future medical expenses. Savings Account You can treat the HSA as a savings [...] Read more » An increasing number of employers are offering their employees the option to have a Health Savings Account (HSA). If your employer offers a Health Savings Account and you can afford it this is a saving option to allow you to save for retirement or future medical expenses. Savings Account You can treat an HSA as a savings [...] Read more » Investors that have high incomes and don’t qualify for a deductible IRA or a Roth IRA are allowed to open a nondeductible IRA instead. The earnings are tax-deferred – not tax-free as they are in a Roth. A nondeductible IRA can make sense if you think you can convert the funds to a Roth IRA in [...] Read more » If you expect to pay for college how to prepare for the college costs can be difficult – and complicated. The best way to save for college is to consider taxes and your retirement savings. One of the first questions is whether to max out the contributions to retirement accounts before saving specifically for college. By putting [...] Read more » If you expect to pay for college how to prepare for the college costs can be difficult – and complicated. The best way to save for college is to consider taxes and your retirement savings. One of the first questions is whether to max out the contributions to retirement accounts before saving specifically for college. By putting [...] Read more » In an earlier step you began contributing to your 401(k) to get the maximum employer match, if your employer offers it. Now, we’re going to focus on the benefits and strategies for contributing additional funds to the 401(k). When you compare the percentage of your salary that your employer matches with the maximum contribution that you [...] Read more » In an earlier step you began contributing to your 401(k) plan to get the maximum employer match, if your employer offers it. Now, we’re going to focus on the benefits and strategies for contributing additional funds to the 401(k). When you compare the percentage of your salary that your employer matches with the maximum contribution that [...] Read more » Investing in tax-sheltered accounts carries one disadvantage: you may not be able to get to your investment funds when you need them. The rules for tax-sheltered accounts can change with the whims and drifting priorities of Congress. That’s why you should have some money in taxable accounts – accounts that are unsheltered. Earlier steps in the [...] Read more » A Roth IRA will provide you with tax-free investment growth. It also will provide you with cash if you need it. After age 59 and 1/2 all withdrawals are tax-free, no matter what you use them for. However, you can take back your original contributions at any age, without paying taxes or penalty. If you don’t need the [...] Read more » Invest in a Roth IRA if you are eligible for one. A Roth IRA will provide you with tax-free investment growth. It also will provide you with cash when you need it. After age 59 and 1/2 all withdrawals are tax-free, no matter what you use them for. However, you can take back your original contributions at any [...] Read more » If your employer offers a 401(k) plan and provides a matching contribution up to a percentage of your salary (commonly 6%) you should put as much of your salary as you can into the 401(k) in order to get the full employer match. Even if you dislike the investment choices your employer offers invest anyway [...] Read more » If your employer offers a 401(k) plan and provides a matching contribution up to a percentage of your salary (commonly 6%) you should put as much of your salary as you can into the 401(k) in order to get the full employer match. Even if you dislike the investment choices your employer offers invest anyway in [...] Read more » |
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