GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
However, you may reach a point when you will want to consider other vehicles for long-term savings.
Heres why you should look beyond your 401(k)if you make $150,000 or more.
There are numerous savings options and products available, she continued.
For starters, the accounts have different contribution limits and tax benefits.
High earners may reach the 401(k) annual contribution limits quickly, Winston said.
401(k) plans often have limited investment options, Winston said.
Having more than one account also provides greater financial security.
Supplementing retirement savings with an IRA can help ensure a more comfortable and secure retirement.
Health savings accounts (HSAs) provide triple tax benefits.
This makes HSAs an effective tool for both current healthcare costs and future medical expenses in retirement.
HSAs can be especially useful for those with a household income of $150,000 or more.
They also offer even more flexibility once individuals reach age 65, she continued.
This feature can further enhance retirement planning and cash flow management.
This is particularly advantageous for high-income earners who may face higher tax rates in the future, Winston said.
There are income limits for direct Roth IRA contributions.
Taxable brokerage accounts allow for a wide range of investments, including stocks, bonds and mutual funds.
This is a great way to diversify your retirement funds.
Real estate can provide a steady income stream and potential appreciation in value.
College savings plans are beneficial for those with children to save for future education expenses.
More From GOBankingRates
Share This Article:
