CNBC: You’ve likely missed the deadline to max out a 401(k) this year. Here’s what else you can do

Judson Meinhart was quoted multiple times in CNBC's article "You’ve likely missed the deadline to max out a 401(k) this year. Here’s what else you can do"

“Health savings account: If you’d like to use the money towards a workplace benefit, another place you could allocate it is to a health savings account, said Judson Meinhart, CFP and manager of financial planning at Parsec Financial in Winston-Salem, North Carolina. ‘HSAs are one of the best opportunities for long-term savings, because you can make a contribution with pre-tax dollars,’ said Meinhart, adding that if you take out funds for a qualified medical expense, you don’t pay taxes on it, either.

Individual retirement account: ‘Be aware of the contribution limits and your eligibility based on your adjusted gross income,’ said Meinhart. Both types of IRA cap how much people can put into them each year, and Roth IRAs have an income limit for contributions.

Regular brokerage account: It’s also a good idea to have your retirement assets diversified by tax treatment, or when you will have to pay the IRS for the funds, Meinhart said. ‘You can either fund a brokerage account directly with your leftover savings or earmark that savings to pay the taxes you would incur on a Roth conversion,’ Meinhart said.”

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