Benefits enrollment season is here, and with it comes an opportunity for workers to tune up their workplace savings plans and sock away more money on a tax-favored basis.
Traditional tax-deferred accounts, like 401(k) plans and individual retirement accounts, are just the beginning for savers.
As tempting as it may be for savers to plow money into HSAs and other tax-favored accounts, they'll need to draw up a strategy before they do so.
They can also earmark additional funds toward 529 college savings plans and taxable brokerage accounts.
In a tax-deferred account, investors won't be on the hook for the tax bill until they begin drawing down from it.
Persons:
Marguerita Cheng, Cheng
Organizations:
Devenir, Blue, Global Wealth, UBS, Chief Investment
Locations:
Gaithersburg , Maryland