The advantage of accumulating after-tax assets in a retirement account is that when they are distributed, the amounts will be tax- and penalty-free. However, this benefit is realized only if the necessary steps are taken.
Health savings accounts (HSAs) are perhaps the most powerful savings vehicles, especially for retirement savings, because of their significant tax advantages. Yet, too many HSA owners don’t reap all the advantages of their accounts.
Health savings accounts (HSAs) are perhaps the best retirement planning tool available. Most people aren’t aware that if you’re looking for cash to fully fund the year’s HSA contribution, a transfer from an IRA might do the job.
These FAQs provide a summary of some of the changes within the SECURE Act. Several of these provisions will require interpretation from the IRS and other agencies. As with all financial matters, you should contact tax and financial professionals as it relates to your own personal circumstances.