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" ... (I’m specifically not including the Roth IRA since it may not be beneficial for early retirement. Contributions are not tax-deductible, and though withdrawals can be taken tax-free, that feature doesn’t kick in until you reach age 59½.) ... "
" ... A traditional IRA is a type of individual retirement account in which individuals can make pre-tax contributions. The investments in the account then grow tax-deferred and the owner pays income tax on withdrawals once they reach retirement. The maximum contribution is $6,000 ($7,000 if you’re 50 or older). Almost anyone can contribute to a traditional IRA, as long as you (or your spouse) receive taxable income and you are under age 70 ½. However, your contributions are tax deductible only if you meet certain qualifications, such as: ... "
" ... Convert a traditional IRA to a Roth IRA: If you have money sitting in a traditional IRA, or the traditional 401(k) plan of a former employer, depending on your circumstances, it might be smart to go ahead and convert the account into a Roth IRA. You’ll have to pay taxes on the amount of your conversion, but when you get to retirement age, your withdrawals will be tax free. By comparison, if you keep your money in the Traditional IRA, the amount you withdraw will be counted as taxable income when you retire. A Roth IRA conversion is an especially smart move if you had a lower-than-average income in 2020, but have some savings you could use to pay your tax bill. ... "
" ... “Employees with an HSA can also max out contributions,” says Tiffany Lam-Balfour, Investing and Retirement Specialist at NerdWallet in San Francisco. “HSAs have triple tax advantages (contributions are made pre-tax, investments grow tax-deferred and you don’t pay tax on withdrawals for qualified medical expenses) and since healthcare spending generally increases as we age, building up your HSA balance can be beneficial for retirement. For 2020, you can contribute up to $3,550 for a self-only HSA and up to $7,100 for a family HSA. The catch-up contribution for those aged 55-plus is $1,000.” ... "
" ... “HSA contributions can be invested much like an IRA and can be used for non-medical expenses after the age of 65, though taxpayers will have to pay taxes on those withdrawals,” says Horsford. ... "