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How to Prioritize Tax-Advantaged Accounts for High Earners
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On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Mike Rudow to discuss different tax-preference savings vehicles and how high earners can use these accounts to optimize their wealth.
Here are some key takeaways from their conversation:
- Health Savings Accounts (HSAs) are highlighted for their “triple tax savings.” They offer tax deduction on contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses.
- Traditional IRAs, 401(k)s, and Roth IRAs offer "double tax benefits." Traditional accounts provide tax deductions on contributions and tax-deferred growth, while Roth accounts offer tax-free growth and withdrawals after taxes are paid upfront. People who expect to be in a similar or higher tax bracket in retirement should contribute to a Roth. Sometimes, finding a balance between both can be an optimal tax strategy.
- Contribution to accounts should follow a hierarchy, prioritizing emergency funds, employer matches, and then high-interest debt repayment before moving on to other accounts.
- 529 plans offer tax-free growth and tax-free withdrawals for qualified education expenses. This includes tuition for K-12 education and college, as well as expenses like books and supplies. They can also be used to pay off up to $10,000 in student loans per beneficiary, and the beneficiary can be changed to another family member.
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