Tax-advantaged accounts can save you thousands in taxes and accelerate your wealth building. Here's how to use them.
401(k)
Employer-sponsored retirement plan with tax-deferred growth. Often includes employer match - contribute enough to get the full match!
2026 Contribution Limit: $23,000 (plus $7,500 if 50+)
Traditional IRA
Tax-deferred contributions and growth. Pay taxes when you withdraw in retirement.
2026 Contribution Limit: $7,000 (plus $1,000 if 50+)
Roth IRA
Contributions are taxed now, but growth and withdrawals are tax-free in retirement. Best if you expect higher tax rates later.
2026 Contribution Limit: $7,000 (plus $1,000 if 50+)
HSA (Health Savings Account)
Triple tax advantage: tax-deductible contributions, tax-free growth, tax-free withdrawals for medical expenses.
2026 Contribution Limit: $4,150 individual, $8,300 family
529 Plan
Education savings with tax-free growth when used for qualified education expenses.