Health Savings Accounts:
HSAs are accounts geared towards saving for medical expenses that one’s High-Deductible Health Plan does not cover. They also offer a tax advantage!
Individual Retirement Accounts:
- Traditional: advantageous for people in a high tax bracket, close to retirement, or expecting to be in a lower tax bracket upon retirement.
- Roth: advantageous for people in a lower tax bracket, are not retiring anytime soon, or expecting to be in a higher tax bracket upon retirement.