As you put together a plan for the future, and as you plan for your retirement, one of the things you should consider is whether or not you are maxing out your tax-advantaged accounts before investing in other accounts.
Part of getting the most out of your money is enjoying as many legal tax advantages as possible. Maxing out your tax-advantaged retirement accounts before turning to other accounts can help you make the most of your resources — and help you build up your wealth faster.
Saving Money On Taxes
One of the ways you might be wasting money is by paying taxes you don’t need to. While you should pay what you owe, obviously, you can keep more of your money by being aware of the tax breaks available to you. Some of those advantages come from the way you plan your retirement contributions. Some of the tax advantaged accounts you can use to save for retirement include:
- Roth IRA
- Roth 401k
HSA: Another Tax-Advantaged Account
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