3 safe ways to end more money as a retiree | personal finances

3 safe ways to end more money as a retiree |  personal finances

Source dothaneagle.com If you have a qualifying high-deductible health plan and are eligible, you may also want to max out your Health Savings Account. HSAs provide even better tax breaks than other retirement accounts because money is invested and withdrawn tax-free (provided it’s used for eligible medical expenses). Once you’ve hit age 65, you can also withdraw money penalty-free from your HSA for any use — even non-medical — but will owe taxes at your ordinary income tax rate.

Aim to max out contributions in a traditional or Roth 401(k) and/or IRA each year. Many people won’t be able to max out both accounts, but get as close as you can.

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