Roth 401(k)

The standard deduction is the best tax strategy for many seniors, but if they had significant health care costs last year, itemizing could save them some money.

Many workers think hey are not allowed to contribute to a 401(k), a traditional IRA and a Roth IRA in the same year, which is untrue.

Many workers think hey are not allowed to contribute to a 401(k), a traditional IRA and a Roth IRA in the same year, which is untrue.

Here's why filing for Social Security benefits at the wrong time may mean a less fulfilling retirement.

Here's why filing for Social Security benefits at the wrong time may mean a less fulfilling retirement.

The tax benefits of an HSA make those plans a better option to max out first, although contributing just enough to a company plan to get any matching funds should be first.

The tax benefits of an HSA make those plans a better option to max out first, although contributing just enough to a company plan to get any matching funds should be first.

The average 401(k) balance gained for the second quarter in a row, inching up 2%, to $90,600. That amount is a 7% jump from 2015's third quarter and up from an average of $64,300 five years ago.

Those with the option of making loan payments from their plans should consider tax implications and the possibility of missing out on the growth of borrowed funds.

Those with the option of making loan payments from their plans should consider tax implications and the possibility of missing out on the growth of borrowed funds.