Tax advantages Archives - DR News - News, Retirement, Finance

The Long-Term Care Insurance Hack for Financial Freedom

As retirement draws nearer, the significance of comprehensive financial planning becomes increasingly apparent. The post-retirement phase entails numerous expenses, encompassing basic living costs, leisure activities, healthcare, and travel. Failure to prepare for these financial demands can lead to significant budgetary strains once you exit the workforce. The cost of long-term care is often overlooked when planning for retirement. However, it is imperative to factor in these costs as part of your retirement strategy, given that …

Are you making this common retirement mistake

Planning for retirement often involves making contributions to tax-advantaged accounts like 401(k)s and IRAs. These accounts offer attractive tax benefits, but staying within the IRS-imposed limits is essential. Exceeding these limits can result in unwanted tax consequences. Here’s what you need to know about excess contributions and how to rectify them before the tax deadline. For the 2024 tax year, the contribution limits for retirement accounts vary based on age and the type of account …

You’ve Been Using Your HSA All Wrong! Discover the Right Way for Retirement

In retirement planning, Health Savings Accounts (HSAs) are a valuable financial tool. Contributions are tax-deductible, earnings grow tax-free, and can be withdrawn tax-free for qualified medical expenses, making it a triple tax advantage. However, the benefits of an HSA extend beyond just covering healthcare costs, especially in retirement. When you turn 65, the rules for using your HSA funds change, providing more flexibility. At this age, you can use your HSA funds for any purpose …

Why HSAs Might Be the Best Thing You’re Not Using Yet

Imagine a world where your healthcare dollars work as hard as you do, where every penny you save for medical needs gets a superhero cape, flying tax-free, growing in strength, and always ready for action. Welcome to the universe of Health Savings Accounts (HSAs)! These aren’t just any ordinary savings accounts; they’re your ticket to tax advantages, investment growth, and a future where you’re in the driver’s seat of your health expenses. If you are …

How To Turbocharge Your Retirement Savings

You may already know that a health savings account can be beneficial when paying for medical expenses not covered by insurance. Individuals enrolled in a health insurance plan that has a high deductible can choose to put money into a Health Savings Account (HSA), providing a tax-advantaged method to save for medical expenses. However, the benefits do not end there. A HSA can also function as a potent retirement savings tool. Beyond assisting with the …