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Investing 401/IRA help.
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Posted 1/3/2023 12:50 (#10019592 - in reply to #10010964)
Subject: RE: Investing 401/IRA help.


Central ND
Lots of good information given out so far. One I'll suggest that may not come till you are 26 is an HSA. I say 26 because sometimes people are covered under their parents health insurance until then. If you have a high deductible plan, make sure it's HSA eligible.

An HSA can only be used for medical expenses but the thing is, the money you contribute is a tax deduction, and any growth on it is tax free. You can invest it or just let it grow at 1% many accounts are. All of a sudden your short on cash, with proper documents you can take it out any time for medical expenses that happened in years passed. But the IRS may dig at you if you go back too far. Or let it grow, seems we all have health issues later on in life.

Roth IRA is also good. You pay income tax on the money you put in but growth is tax free. If or when you get married/are married, both you and your spouse can contribute to a Roth. Currently that would be $6000/each or $12000. A Roth is good to start now if your income is going to grow, because by $280k of income, you can no longer contribute.
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