How to save for retirement if you don't get a 401(k) at work - Business Insider

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Super savers can use a Health Savings Account (HSA) to save even more for retirement with a great tax advantage

Traditional IRA accounts allow you to save and invest for retirement with pre-tax dollars. That means you don't pay income taxes on that portion of your income in the year you contribute. Instead, you'll pay income taxes on withdrawals during retirement. Roth IRAs use after-tax dollars, which means you pay taxes when you contribute but qualified withdrawals are tax-free..

Limits and rules around SEP accounts make Solo 401 plans more exciting for many self-employed workers. While they take a bit more paperwork to get started, they are much more flexible and typically have the same pricing and investment availability. However, many brokerages don't support Solo 401 accounts.

You can only use an HSA if you have an eligible high deductible health plan . For 2020, qualifying plans have a deductible of at least $1,400 for individuals or $2,800 for families. It must also have an in-network out-of-pocket maximum of $6,900 or less for an individual or $13,800 for a family.get qualifying withdrawals for free. You can reimburse yourself or use an HSA to pay for medical expenses right away.

 

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