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Traditional and Roth IRAs, Education and Health Savings Accounts
Allows you to make contributions with pre-tax money and may provide a tax deduction, while the investment earnings are tax-deferred until withdrawn from the account.
Advantages:
Individuals age 59½ are eligible to start taking withdrawals, but at age 72, required minimum distributions must begin.
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Allows you to make contributions with after-tax dollars (not eligible for tax deduction). The Roth IRA is designed to allow investment earnings to grow tax-free and provides the opportunity for tax-free withdrawals in retirement. Earnings and qualified distributions are tax-free after age 59½.
Advantages:
U.S citizens, regardless of age, can open a Roth IRA, assuming their individual Modified Adjusted Gross Income (MAGI) is within allowable limits.
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A Health Savings Account (HSA) allows you to save for current and future medical expenses in a tax-advantaged environment, while potentially reducing your health insurance premiums.
Advantages:
A Coverdell Education Savings Account (CESA) allows you to save for educational expenses in a tax-advantaged account. Earnings from investments in the account grow tax-deferred and distributions are tax-free when used for qualified expenses.
Advantages:
2019 | 2020 Contribution Limit Summaries by Account Type Traditional & Roth IRA | SEP IRA | SIMPLE IRA | Solo 401(k) | CESA | HSA 2019 Traditional & Roth IRA Contribution Limits Traditional & Roth IRA Contributions and Catch Up Provisions Plan Name Standard Limit Catch-up Limit (Age 50 and older) Traditional $6,000 $7,000 […]
