Which Account Do I Use First?

When it comes to saving money for the future, there are variety of accounts from IRAs, 401(k), 403(b), HSAs and more! How do you know which is best for you? 🤔Megan and I chat about her recent article which goes through exactly which accounts to fund for 2022.A brief summary:Pay off credit card debtFlow qualified education expenses through a 529Contribute up to the match in your 401(k) or 403(b)Budget 10% for unknowns (emergency fund)HSARoth IRA (or backdoor Roth IRA)Maximize your 401(k) or 403(b)Save into your 457 planContribute to a SEP IRAMaximize any other employer retirement planSave into a 529 for future education expensesRoth ConversionsSavings into a Brokerage accountPay down low-interest debt (student loans and mortgages)Check out the entire blog post at Marotta On Money to read the details.Find out more about Mike at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/