Tapping a 401(k) isn’t good idea, so it would need to be the lesser of two or more evils. And they “would have to be pretty evil evils," says an expert.
The new Republican bill slated to replace the Affordable Care Act could result in a significant increase in health insurance premiums for older workers.
The standard deduction is the best tax strategy for many seniors, but if they had significant health care costs last year, itemizing could save them some money.
The tax benefits of an HSA make those plans a better option to max out first, although contributing just enough to a company plan to get any matching funds should be first.
Those with the option of taking loans from their plans should consider tax implications and the possibility of missing out on the growth of the money that was borrowed.
