Advantaged Accounts (Roth IRAs, Roth 401(k)s, HSAs)

Key Takeaways:

• Roth 401(k): These accounts let you save a lot for retirement, and your money grows tax-free. You also get to take it out tax-free later, which is great for business owners who want more flexibility.
• HSAs: Health Savings Accounts give three major tax benefits, you can deduct what you put in, your money grows tax-free, and you can spend it tax-free on medical costs.
• RMDs Matter: Traditional IRAs and 401(k)s require you to start taking money out at a certain age. Understanding these Required Minimum Distributions is important so you can plan ahead.
• Roth Conversions: Moving money from a traditional account into a Roth can be helpful if you do it slowly over several years and plan for the taxes.
• Plan Smart: Good tax planning should match your personal goals and adjust as your life, income, and needs change.

 

Chapters:

0:01 Holiday Treats and Tax-Advantaged Savings Strategies

2:16 Benefits of Roth 401Ks for Business Owners

4:31 Maximizing HSA Benefits for Tax-Free Medical Expenses

6:46 AI and Medicine Revolutionizing Biotech

6:57 Strategies for Roth IRA and 401K Conversions in Retirement

10:43 Investment Risks and the Importance of Professional Advice

Powered by ReiffMartin CPA and Stone Hill Wealth Management

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.