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Message
re: Saving More for Retirement - Trad IRA vs Normal Brokerage Account
Posted on 5/9/24 at 11:33 pm to skewbs
Posted on 5/9/24 at 11:33 pm to skewbs
quote:
ue to a long term and very expensive medication I am on, the HSA route will not work in my situation
I don’t understand why medical bills would make an HSA unattractive. You should pay medical bills out of pocket and let your HSA grow tax free. Maybe you mean you have a lower deductible plan and can’t qualify for HSA?
Should also do backdoor Roth contributions using the traditional IRA.
Then do a non-qualified brokerage. Both of the other two are top priorities though. Basically no brainer if I’m understanding your situation.
This post was edited on 5/10/24 at 6:29 am
1
Posted on 5/10/24 at 1:30 pm to slackster
quote:
I don’t understand why medical bills would make an HSA unattractive. You should pay medical bills out of pocket and let your HSA grow tax free. Maybe you mean you have a lower deductible plan and can’t qualify for HSA?
I'm on a monthly medication that would cost me $20K if I paid it out of pocket. My current health insurance plan pays 100% of the cost. So why would I give that up to start a HSA and also deal with the enormous cost of paying for this medication?
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