Retirement
- Retirement saving is all about compound interest. The earlier you put money in and the longer you keep, the difference is enormous.
- If there’s any match from employer, maximize that. That’s free money.
- Try to get all available and relevant tax credits. They are also free money. For instance, contribution to 529 can get up to $1,000 tax credit in Indiana.
- Open IRA.
- HSA is highly tax-efficient. If you can, maximize contribution and spend zero from HSA. But, you can keep the medical receipts and submit reimbursement later.
- If possible, maximize contribution to 401/403/458 etc.
- have life insurance. Use term insurance.
- Trust