HSAs can be a powerful tool for reducing overall medical expenses and saving for retirement. Here are the 2024 contribution limits so you can take full advantage of them.
Whether you’re saving, investing, spending, bequeathing, or receiving wealth, there’s scarcely a move you can make without considering how taxes might influence the outcome. But how do we plan when we cannot know?
Tax planning isn’t just for your investments. Life happens. Often, we cannot predict its next moves, but it's possible to weave each event into the tax-planning fabric of your financial life.
The particulars may evolve, but it seems there are always an array of tax breaks to encourage us to save toward our major life goals—such as retirement, healthcare, education, emergency spending, charitable giving, and wealth transfer.
When used for qualified medical expenses, owners of HSAs are able to take advantage of a triple tax free benefit: pre-tax contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses.
If you are in a situation where you spend less money than you bring in every month, you may be wondering what is the best thing to do with the excess cash. With numerous account types and even more investment options, how do you find the most optimal way to invest and save?