David Dickman, CFP®, Vice President and Partner at Rothschild Wealth Partners, offers insight into what to do with your surplus savings once you’ve reached the 401(k) contribution limit in this Kiplinger article. He suggests assessing your unique financial situation and then exploring options that may be less common or less obvious. “Carrying high-interest liabilities or aspirations for near-term life events could dictate your decision beyond standard advice.”
One such option that David specifically discusses is a Health Savings Account (HSA), a practical yet perhaps underappreciated method for covering medical expenses that may arise unexpectedly later in life. “The government has also recently expanded qualified expense categories to include items such as certain OTC medications, mental health services, weight loss and nutritional programming, and preventative care,” Dickman says.
Read the full article to learn more and take advantage of being a super saver.
