Heyo guys, I was lucky enough to be featured on Fox News Business again as a tax expert. Here’s a short excerpt:
Bulk up your IRA and 401(k). “Most people don’t realize that saving money for your IRA or 401(k) is also a great way to plan for your future emergency medical needs,” Keng says.
Using funds from these accounts before age 59.5 for medical expenses is an exception to the 10% early withdrawal penalty, but you still received the tax benefit over time, Keng says. If you can afford it, increase your contributions for a bigger tax benefit and to cover future out-of-pocket health-care costs.