Investment Accounts To Grow Your Wealth
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| Individual Retirement Accounts (IRAs) | Education Savings Accounts | Health Savings Accounts (HSAs) | Certificates of Deposit (CDs) | |
| Purpose of Account | Retirement Expenses | Education Expenses | Medical Expenses | General Purpose |
| Fees | None | None | None | None |
| Taxes** | Upon withdrawal (traditional IRA) or before contribution (Roth) | Tax-free when used for qualified educational expenses | Tax-free when used for qualified medical expenses | Earnings are taxed |
| Contribution Limits* | $6,000 annually/ $7,000 annually after age 50 | Varies by type | $3,650 annually for self-only coverage / $7,300 annually for family coverage ($1,000 additional allowed to catch up after age 55) | $250,000 |
| Withdrawal Rules | Penalty-free after age 59.5 | Can be used for any qualified primary or secondary education expenses anytime | Can be used for any qualified medical expenses anytime | – |
*Contribution limits given are for 2022. Limits are subject to change for future years.
**Consumers should consult with a tax advisor for more information.
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