Ranking Savings Options in Order of Importance

Описание: In this video, Matt and Chris from EWA discuss the hierarchy of where to save money for tax efficiency. They provide a structured order of importance for saving and the tax reasons behind it:

1. Establish an emergency fund with three to six months of expenses.
2. Ensure you have basic insurances like life and disability coverage.
3. Start with tax-favored accounts:
Health Savings Account (HSA), which is triple tax-free.
Contribute to a 401(k) if your employer offers a match.
Max out IRA accounts, especially Roth IRAs.
Work towards the maximum allowable contribution inside your 401(k).
4. Explore advanced strategies like the mega backdoor Roth 401(k) if your plan allows.
5. Consider cash value life insurance for a safe, non-market-correlated savings option.
6. Fund a flexible brokerage account for various financial goals.

The video emphasizes the importance of a strategic approach to maximize tax efficiency in your savings and investments. Viewers are encouraged to reach out with questions.

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