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No 401 (k) Match? 4 more ways to save for retirement | Personal finance

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Unfortunately, you can only contribute to an HSA if you have a High Deductible Health Plan (HDHP). In 2021, the minimum deductible for HDHP is $ 1,400 for individual coverage and $ 2,800 for family coverage. If your plan qualifies, you can deposit up to $ 3,600 in an HSA if you have individual coverage or up to $ 7,100 if you have family coverage. You are also entitled to an additional $ 1,000 in catch-up contributions if you are 55 years of age or older.

Once the money is in the account, don’t forget to invest it. Your investment options vary by plan provider, but the usual choices are mutual funds, exchange-traded funds (ETFs), stocks, and bonds.

2. Roth or traditional IRA

In 2021, you can save up to $ 6,000 cumulatively on your IRA Accountsor $ 7,000 if you are 50 or older. The great thing about IRAs is that they are not tied to your employer – so you can buy one with low fees and wide investment options.

Roth IRA contributions are not tax deductible, but distributions eligible for retirement are not taxable. You can also withdraw your Roth IRA contributions, but not the earnings, at any time without penalty. Traditional IRA contributions are tax deductible in the current year, but you pay income tax on your retirement withdrawals. You normally cannot withdraw funds from your traditional IRA without penalties until you reach the age of 59 and a half.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

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