If my company has a 401k, should I use it, or use an IRA instead? What about HSA’s?

In most cases it makes sense to use your 401k, if you have one, especially if your company offers a match (free money from your employer contributed to your account). 401k accounts also have higher savings limits than IRA accounts, allowing you to save more each year. In WealthStep 401k plans, WealthStep builds custom portfolios that benefit from the larger size of the 401k compared to individual IRA’s, which can allow for additional diversification that might not be possible in smaller IRA’s. 401k plans also generally do not have transaction costs, whereas WealthStep IRA accounts (and taxable/non-tax-qualified investment accounts) have some level of transaction costs when portfolio adjustments are necessary. Note also that generally you can’t add money to both a 401k and an IRA in the same year, due to the IRS contribution limits.

If you have a high-deductible health insurance plan that allows for an HSA account, such accounts also have favorable tax treatment. Ask your employer if your HSA provider has an account type that allows investments.