The tax benefits of saving in a 401(k) is widely known and many Americans today are taking advantage of it. But if you’ve maxed out your 401(k) contributions, there are other tax advantaged ways to save for retirement.
Key Takeaways:
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Health Savings Account (HSA): Contributions are pre-tax and withdrawals are tax-free for qualified health care expenses.
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Traditional IRA: If you meet the income limits, contributions to a traditional IRA are tax-deductible, but withdrawals are fully taxable.
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Roth IRA: Roth IRAs are meant explicitly for retirement and you have to meet income limits to contribute. The contributions are after-tax and earnings are tax-free.
Read more here: http://www.forbes.com/sites/financialfinesse/2016/12/18/saving-for-retirement-beyond-the-401k/#6477b91521ab
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