Episode Details

If you only had $5,000, would you put it in a Roth IRA or a Health Savings Account (HSA) account?

Watch The Great Debate between tax attorneys and bestselling authors, Mat Sorensen & Mark J. Kohler on how to best grow your money tax-free.

Some key comparisons:

ANNUAL CONTRIBUTIONS

• HSA gives you a tax deduction. You can contribute Single $3,650 and Family $7,300.
• Roth IRA has no tax deduction. You can contribute $6,000 per person + $1,000 if 50 or older.
• Roth IRA for Kids with income.

GROWTH

• Both the HSA and Roth IRA grows tax-free.

DISTRIBUTION

• Health Savings Account has no tax on distribution BUT ONLY FOR QUALIFYING MEDICAL.
• You can distribute contribution and growth at any age.
• Roth IRA has no tax on distribution BUT ONLY AT 59.5 OF AGE.
• Can distribute for anything.
• Contributions can be distributed at any age.

Which account is better?

It depends on the person, their goals, health and finances.

Schedule a Free 15-minute new account phone appointment with one of our experienced Senior Account Executives regarding what type of account is best for you. https://directedira.com/appointment

This is Directed IRA Podcast: EP68.

Directed IRA Homepage: https://directedira.com/

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Other:
Mat Sorensen: https://matsorensen.com & https://linktr.ee/MatSorensen
KKOS: https://kkoslawyers.com
Main Street Business https://mainstreetbusiness.com