Ask a Fool: What Can I Do if the IRA Contribution Limit Isn’t Enough?
There could be another option. If you have a high-deductible health insurance plan, you qualify to contribute to a health savings account, or HSA. Contributions to these accounts are made on a pre-tax basis, so you get a current-year tax benefit. And if you choose to use the account to pay for qualified medical expenses, withdrawals will be tax-free -- a unique double-tax benefit.
Why do I bring this up when you asked about retirement? Because health savings account contributions can be invested in a variety of mutual funds, similar to a 401(k), and unused funds carry over year after year. Plus, after you turn 65, you can use the money in your account for any reason.
Fidelity estimates that the average couple who turns 65 in 2018 will spend
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3 of 4 local Obamacare providers seek to raise premiums in 2019
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