We have to do everything we can to reduce our tax burden. The government gives us tools to assist with this goal, but we must take massive action.

Roth IRAs can allow us to grow after-tax income in a tax-free account. When we turn 59 ½, our distributions will be tax-free forever.

Health Savings Accounts are triple-tax advantaged accounts, meaning the contributions, growth, and distributions are all tax-free. However, we must use these distributions for qualified medical expenses.

It is tough to get into an HSA-qualified plan; however, HSAs may be best for our children. If we can fund their HSAs at a young age (starting at 18), they stand to be a more valuable resource than a Roth IRA. I explain why inside.