Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs) are the two tax-advantaged wrappers you control directly, outside of whatever your employer offers, for building long-term savings. Once you're capturing a full 401(k) match, these accounts are where the next dollar of savings usually goes: an IRA gives you a Roth-or-Traditional tax choice and a far wider menu of investments than most workplace plans, while an HSA, when paired with a high-deductible health plan, is the only account in the tax code that skips tax on the way in, the way it grows, and the way it comes out. The part most people miss is that the "right" choice for both isn't fixed for life; income phase-outs push high earners toward workarounds like the backdoor Roth, and an HSA left alone with receipts saved instead of reimbursed quietly turns into one of the most efficient retirement accounts available. This sheet covers the Traditional-vs-Roth decision, exact 2026 contribution and income limits, the backdoor Roth mechanics, spousal IRA rules, HSA eligibility and its triple tax advantage, and the withdrawal and correction rules that keep all of it penalty-free.
What This Cheat Sheet Covers
This topic spans 12 focused tables and 89 indexed concepts. Below is a complete table-by-table outline of this topic, spanning foundational concepts through advanced details.
A jump-to index of every table row in this cheat sheet.
An interactive map of every table and concept in this topic.
Table 1: Traditional vs. Roth IRA — Core Tax Tradeoffs
Both accounts hold the same investments and share one combined annual limit; the entire decision comes down to when you pay tax. Getting this call right depends less on a formula and more on an honest guess about whether your tax rate will be higher now or in retirement.
| Account | Example | Description |
|---|---|---|
Deduct up to $7,500 from 2026 taxable income if fully eligible | Contributions may be tax-deductible now; growth is tax-deferred, and withdrawals in retirement are taxed as ordinary income. | |
Contribute $7,500 after-tax in 2026, no deduction taken | Funded with after-tax dollars; qualified withdrawals in retirement, including all growth, are entirely tax-free. | |
Expect a lower bracket in retirement → lean Traditional; expect a higher one → lean Roth | The core decision is a bet on future vs. current tax rates; Roth tends to win for savers early in their careers or expecting rising income. |