Maxed Out Your IRA? Discover 3 Additional Ways to Save for Retirement in 2024
Thursday, 26 September 2024, 01:00
Explore Alternative Retirement Savings Options
If you've maxed out your IRA contributions, don't worry! There are still several strategies to supercharge your retirement savings. In 2024, consider these three approaches:
1. Health Savings Accounts (HSAs)
- HSAs offer tax-free growth for medical expenses, and they function as a retirement savings vehicle.
- Contributions can reduce your taxable income while allowing funds to grow.
2. 401(k) Plans
- If your employer offers a 401(k), contribute up to the match level to take full advantage of this benefit.
- Consider increasing your contributions as you approach retirement.
3. Taxable Investment Accounts
- Taxable accounts provide flexibility, allowing you to invest in stocks, bonds, and other assets outside of retirement accounts.
- These can be ideal for short- to long-term saving goals.
By exploring these vital options, you can further secure your financial future.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.