Depending on your situation, you may be able to contribute to additional retirement savings account. Below are a few options to explore further, but we always suggest speaking to a tax advisor and financial advisor to determine which product is the best fit for your financial plan.
IRA (Individual Retirement Account) is a tax advantaged savings account that allows individuals to save for retirement. There are two types of IRAs available: Traditional IRA, which is funded using pre-tax dollars and ROTH IRA which is funded using after tax dollars. The 2022 IRA contribution limit is $6,000 for those aged 49 or younger or $7,000 for those aged 50 or older. Because IRA benefits and eligibility are based on income, you may benefit from speaking with a financial advisor to determine which type of account would best suit your unique situation.
Annuities are used to provide either a lump sum or stream of income at a determined date. There are several types of annuities available including immediate fixed, immediate variable, deferred fixed, and deferred variable annuities. To determine whether an annuity is right for you, we suggest speaking with a financial advisor.
HSAs (Health Savings Account) is a triple tax advantaged savings account that allows savers to invest funds for later use to maximize compounding interest earning potential. These accounts are available to those enrolled in high-deductible health insurance plans. To find out if you are in a high-deductible health insurance plan, we recommend speaking to your current health insurance provider. If you would like to learn about additional options, contact your HR team who may be able to provide you with additional insurance information to help you make the best choice for your medical needs and savings goals.
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