New to investing? Start here.

Most people use a few of these. The account is the container; you choose the investments inside it.

• HSA: for medical costs if you have an HSA-eligible health plan. Money goes in tax-deductible and can come out tax-free for qualified medical expenses. Limit: $4,400 self-only or $8,750 family in 2026.
• Roth IRA: pay tax now; qualified withdrawals in retirement are tax-free. Limit: $7,500 in 2026 ($8,600 at 50 or older), shared across Roth and traditional IRAs, with income limits.
• Traditional IRA: you may get a deduction now; withdrawals are taxed later. Same shared IRA limit.
• Brokerage account: a regular taxable account with no contribution limit, and you can withdraw anytime.
• Solo 401(k) / 401(k) rollover: a retirement plan for self-employed people with no employees, or a way to move an old employer plan into an IRA.
• Donor-advised fund: a giving account. You give now, get any deduction now, and recommend grants to charities later.

There’s no single right order, but a commonly cited one looks like this:

• Some emergency cash you can reach quickly.
• Your workplace plan, up to the full employer match (it’s money you only get if you contribute).
• An HSA, if your health plan qualifies.
• A Roth or traditional IRA.
• More in your workplace plan, then a taxable brokerage account.

Fees are taken from your balance every year, so they also take away the growth that money would have earned. A difference that looks tiny, like half a percent a year, can add up to a lot over decades.

• Look at the fund’s expense ratio and any account or advisory fee.
• For HSAs, also check monthly fees and how much cash you must keep before you can invest.

Both are good ways to save for retirement. The difference is when you pay income tax.

• Roth: pay tax now, and qualified withdrawals are tax-free. Often better if you expect a similar or higher tax rate later.
• Traditional: may lower your taxes now, and you pay tax when you withdraw. Often better if your tax rate now is clearly higher than it will be in retirement.

Most providers let you open an account online. A simple checklist:

1. Pick the account type (step 1 and 2 above).
2. Compare providers on fees, minimums and investment choices.
3. Have your ID, Social Security number and bank account details ready, then open the account online.
4. Fund it, and choose a simple, low-cost investment such as a broad index fund or a target-date fund. Money sitting in cash isn’t invested.
5. Turn on automatic contributions so you keep saving without thinking about it.