Fact Based List:
Dawn Reiss: 6 Ways to Protect Your Pocketbook From Sky-High Medical Bills
Submitted by Anonymous on Wed, 07/20/2016 - 10:46
- Start by understanding the system - At some point everyone must enroll into Medicare, it's just a question of when
- Create a health savings account - With no income phase out, this tax-advantage savings plan lets your money sit and grow tax-free
- Utilize a Roth 401(k) and IRA - For older retirees, a Roth can be converted to an annuity to help provide tax-free income because Medicare doesn't recognize withdrawals as income
- Consider a 401(h) plan - This medical expense account allows a pension or annuity plan to provide benefits for medical expenses for retired employees
- Minimize investment income - The IRS only charges capital gains tax on income that's realized, which allows taxpayers to recognize losses
- Cautiously consider annuities - Not all annuities are created equally. Check the fee schedule, the guaranteed income amount and how much it is going to cost to access
Source: U.S. News and World Report
Source URL: http://money.usnews.com/investing/articles/2016-07-20/6-ways...
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