Overview: Once your retirement savings is on track, saving for college is another big goal for most people. There are lots of ways to save for college, but the 529 Plan offers the best options. There are no income limits to using one, anyone can give to your child’s account, the beneficiary can be changed to another child if needed, everything grows and is withdrawn tax-free if used for education, and front loading the account really boosts your gains. Use any state plan you like, but your own state might offer a tax deduction for using theirs, so check first.
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Overview: These are the current year maximum contribution and income limits for retirement accounts. Always try to set a goal each year to maximize as much as you can.

Overview: The Mega Backdoor Roth is a fantastic tool for supersavers. If one’s 401(k) plan allows for after tax contributions, those contributions can then be rolled over to the Roth 401(k) inside the plan, or rolled out to a Roth IRA. This is great because then future gains and distributions are then tax free. With a $66k 401(k) contribution limit [2023], that leaves room for up to an additional $43,500 of after-tax contributions per year if you max out your $22,500 [2023] deferral limit. Having $43,500 per year of extra Roth space is an amazing retirement tool, but should only be utilized after fully maxing out other retirement accounts first, like the Roth IRA, 401(k) and HSA.
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Overview: The health savings account, or an HSA, is often called the Stealth IRA because it can be treated like another investment account. Reasons for treating it as such include fantastic tax treatment, no income limits, no RMD’s, and the balance will roll over each year. If you can afford to cash flow your medical bills (up to your max out of pocket amount) each year, the HSA is the first investment account you should max out. It’s a great investment deal.
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Overview: A taxable brokerage account is often maligned because it doesn’t offer the same tax protections of accounts like 401(k)’s or IRA’s. However, there are lots of great reasons to have a brokerage account. Excellent for long term savings goals and piggy backing on to retirement accounts, they are a great addition to have for your overall retirement and savings goals.
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Overview: It’s not 1970 anymore; there are now thousands of fantastic resources for retirement investing. Here are a few I recommend.
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Overview: There are countless ways for people in today’s modern society to save money. Many of the ways are hiding in plain sight.
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Overview: Many people incorrectly assume that they make too much money to contribute to the all important Roth IRA. Direct Roth contributions do have an income limit, but Congress has made an easy work-around. Everyone should be maxing out their Roth IRA. It is too important not to. If over the income limit, simply contribute to a traditional IRA and then convert it to a Roth.
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Overview: Once you’ve spent more than a few weeks learning about investing, you will be knowledgeable enough to not need the expensive services of a financial advisor. They usually charge too much for the same tasks you could do on your own. They also sell products you definitely don’t need or want. Complicated tax or estate planning should be left to a CPA or attorney. You can be your own advisor and save many thousands of dollars in fees!
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