If you want to save for retirement, it can be hard to know where to start. Follow our guide to learn which types of accounts to prioritize.
), you're getting a tax break on your retirement savings. Contributions to traditional accounts lower your taxable income in the year you make them. In exchange for this upfront tax break, you'll owe income tax when you withdraw the money in retirement.
. These savings vehicles are only available to those enrolled in high-deductible health plans, a type of insurance with a deductible of at least $1,500 for self-only coverage and $3,000 for family coverage. "A 401 is the best place to save tax-efficiently, because you can save the most — up to $30,000 annually for those with a catch-up," says Amy Miller, a CFP and senior vice president at Wealthspire Advisors in West Hartford, Connecticut.
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