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\n\n"},"footnotes":{},"k401vsirajcr":{"pageTitle":"401(k) Plan vs. IRA","k401vsiraImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-401k-vs-IRA-CSX83c02e4a.jpg","alt":"401k vs IRA Understanding the differences Image"},"jcr":"copy/site/bol-education/data/en/k401-vs-ira.json"},"tipsforkidsjcr":{"pageTitle":"Tips for Teaching Kids","tipsforkidsImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-Tips-for-teaching-kids-CSXa762ba5e.jpg","alt":"A boy exchanging money with an adult behind a takeout counter."},"tipsforkidsinfoImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-tips-for-teaching-your-kids_info01-CSXaca3a7cb.png","alt":"10%: An initial goal young adults can work toward is setting aside at least 10% of their income for long-term financial goals."},"jcr":"copy/site/bol-education/data/en/tips-for-kids.json"},"yourequityawardsjcr":{"pageTitle":"Your Equity Awards","YourEquityAwardsMainImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-your-equity-awards-CSX9f079e4.jpeg","alt":"your-equity-awards Image"},"YourEquityAwardsTeamIconImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-your-equity-awards-icon-team-CSXd2231311.png","alt":"Your-equity-awards-team-icon-64x64px Image"},"YourEquityAwardsHealthIconImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-your-equity-awards-icon-health-CSX5b986fcc.png","alt":"Your-equity-awards-health-icon-64x64px Image"},"YourEquityAwardsSplitIconImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-your-equity-awards-icon-split-CSXa14c3c41.png","alt":"Your-equity-awards-split-icon-64x64px Image"},"YourEquityAwardsClockIconImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-your-equity-awards-icon-clock-CSX5fdeee7c.png","alt":"Your-equity-awards-clock-icon-64x64px Image"},"YourEquityAwardsEggIconImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-your-equity-awards-icon-egg-CSXb9a1e051.png","alt":"Your-equity-awards-egg-icon-64x64px Image"},"jcr":"copy/site/bol-education/data/en/your-equity-awards.json"},"myrestrictedstocksjcr":{"pageTitle":"My Restricted Stocks","MyRestrictedStocksMainImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-my-restricted-stocks-CSX99b33dc1.jpeg","alt":"my-restricted-stock-will-vest-soon-now-what_220x146 Image"},"jcr":"copy/site/bol-education/data/en/my-restricted-stocks.json"},"joblossjcr":{"pageTitle":"Job Loss & Equity Awards","headline":"Job loss and your equity awards","summaryImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-job-loss-CSXc9dc98df.jpeg","alt":"job-loss-and-your-equity-awards_220x146"},"summaryPara1":"Whether it’s expected or not, losing a job can give you a lot to think about. As you clear off your desk and consider your next chapter, don’t forget about your stock compensation.","summaryPara2":"If you were granted equity awards during your employment, don’t make the common mistake of losing out on potentially valuable gains from outstanding awards simply because you were unaware of the post-termination rules and vesting dates of your grants.","listIntro":"Here’s an overview on how various award types are generally handled post-termination:","list":[{"title":"Restricted stock and restricted stock units (RSUs)","left":{"class":"","content":"With restricted stock and RSUs, you almost always forfeit any stock or rights under RSUs that have not vested upon termination. Exceptions can occur, depending on the vesting terms of your employment agreement or stock plan, such as special provisions for disability, retirement, or an acquisition.","content1":"Shares that vested before your termination are generally not subject to forfeiture. However, the shares may be subject to special provisions, such as repurchase by the company. If you're planning to leave your job, you may want to consider staying long enough to vest in restricted stock or rights under RSUs if they are vesting in the near future. You should review the terms of the documents governing your award to determine whether any special terms apply."},"right":{"class":"right-blue-font","content":"Familiarize yourself with the plan’s post-termination rules and carefully review your grant documents, offer letter and/or employment agreement. Direct any questions to your stock plan administrator or human resources department."}},{"title":"Performance shares","left":{"class":"","content":"Vesting is also the crucial factor for performance share grants upon job termination, but with performance shares the vesting depends on the achievement of stated performance goals rather than on (or in addition to) a stated length of employment. When you leave your job for standard reasons (e.g., going to work for another company, being laid off) before the end of the performance period, you usually lose all rights to receive the grant, even if the goal appears very obtainable. However, depending on the circumstances surrounding your termination of employment, you may be entitled to a full or pro-rated portion of a performance share award depending on the terms of the plan. You should review the documents governing your award to see if you may be entitled to all or a portion of your performance share award based on your circumstances."}},{"title":"Stock options","left":{"class":"","content":"For vested stock options, the importance of your post-termination exercise period cannot be stressed enough. While the typical timeframe is 90 days after termination, your period for exercise will be dictated by your employer's plan design and the reason for your termination. If the options aren’t exercised by the specified date, they expire and are canceled. Note, however, that if you have an award of incentive stock options, the tax laws require that you exercise your options no later than three months after your termination date in order to be eligible for the favorable tax treatment of the award. While some companies send registered letters to outgoing employees with the number of shares they can buy and the cost, along with how many days they have to exercise the options, no law requires this. So, it’s your obligation to know your personal grant information and the terms of your stock plan, and typically most employers uphold these rules, procedures, and deadlines very strictly.","content1":"In general, you have rights only to stock options that have already vested by your termination date. If the options have a graded vesting schedule, you are allowed to exercise the vested portion of the option grant, but most commonly you forfeit the remainder, unless the plan provides for accelerated vesting based on the type of termination of employment you incur.","content3":{"left":"Example: Let’s say you are granted options to buy 1,000 shares of your company's stock with a four-year graded vesting schedule (25% vesting per year), and you quit the company 2½ years after the grant. You’re allowed to exercise 50% of your options within the timeframe designated by your employer, and the rest will never become exercisable","right":{"class":"right-blue-font","content":"The importance of your post-termination exercise period cannot be stressed enough. While the typical timeframe is 90 days, your period will be dictated by your employer's plan design and the reason for your termination."}},"content4":"With cliff vesting, where options vest all at once rather than on an incremental schedule, you would generally forfeit the entire grant if you leave before vesting. Note, however, that the terms of the documents governing your award may provide for special vesting rules based on the circumstances of your termination of employment (e.g. retirement or in connection with a corporate transaction).","content5":"Be sure you know what your official termination date is considered to be, as this will start the post-termination exercise period. And, this period cannot go beyond the regular expiration date of the option."}},{"title":"Employee stock purchase plans (ESPPs)","left":{"class":"","content":"At job termination, you continue to own stock purchased under an ESPP during your employment, but your eligibility for participation in the plan ends no later than three months after your termination date. Any funds withheld from your salary but not used to purchase shares before the end of your employment will be returned to you, normally without interest, within a reasonable period."}},{"title":"Change of employment relationship","left":{"class":"","content":"Sometimes the end of your employment won’t trigger forfeiture/termination provisions if you’ll continue to perform services for the company in some way—for example, as a consultant. See how your stock plan defines termination, employment, service to company, and other key terms that relate to vesting and the post-termination exercise period."}},{"title":"Leaves of absence","left":{"class":"","content":"If you’re taking a leave of absence, depending on the structure of your leave, your absence could be considered a form of job termination.","content1":"Some plans give vesting credit for an authorized unpaid leave of absence, such as a sabbatical or a maternity leave, while others do not. Plans sometimes continue vesting for paid leaves or statutory leaves (i.e., those required by law) but not for disability leaves. In a 2019 survey, the National Association of Stock Plan Professionals and Deloitte Consulting LLP found that the vast majority of companies do not modify the vesting schedule of options or restricted stock/RSUs for any type of approved leave of absence. Among those that do adjust the vesting schedule, some companies toll the vesting from the start of the leave, and others do so from a specified date after the leave has begun (e.g., three months into it).","content4":"In addition, companies may prohibit stock option exercises during the leave. For RSUs, if your company allows vesting to continue, but delays release of the shares to you until your return, complications stemming from Internal Revenue Code Section 409A may arise. In that event, you should consult a legal and/or tax advisor familiar with equity compensation issues."}},{"title":"Post-termination taxes: Tying up the loose ends","left":{"class":"","content":"Former employees' transactions, regardless of the reason for termination, follow the same withholding and reporting requirements that apply to current employees.","content1":"Therefore, even for terminated employees, most companies withhold taxes upon exercises of nonqualified stock options and stock appreciation rights (but not for incentive stock options, because federal taxes are not due upon exercise). The taxable income from exercising your award and the taxes withheld by the company related to that income are reported to you on IRS Form W-2, not on Form 1099-MISC, even if the exercise occurred after your employment ended. For stock options and restricted stock/RSUs that vest after you change to a consultant or other non-employee status with the employer, the withholding and W-2 reporting apply only to the income attributable (i.e., allocated) to your service as an employee (while the remainder is reported on your 1099-MISC). Some companies' payroll systems may send a W-2 only if you receive the income in the year of termination, so you may instead receive a 1099-MISC."}}],"learnMoreTitle":"Learn more and take action","learnMoreContent":["Locate and review any documents related to your grants, and employment agreement, to understand how your awards may be treated post-termination, depending on the circumstances. Direct any questions to your stock plan administrator or human resources department.","Visit the Equity Awards Education page for additional information, videos and quick tips related to managing your awards."],"finePrints":["Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.","2974984"],"LINKS":{"equityAwardsEducationPage":{"ID":"equityAwardsEducationPage","content":"Equity Awards Education page","URL":"https://www.benefits.ml.com/education/equity-awards","TARGET":"_blank"}},"jcr":"copy/site/bol-education/data/en/job-loss-and-equity-awards.json"},"tenplanningrulesjcr":{"PageTitle":"10 Planning Rules","headline":"10 Planning Rules Everyone With Stock Options Needs To Know","intro":"Managing your stock options can be challenging. To get the most out of your company’s stock plan, consider the following points.","summaryImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-ten-planning-rules-CSXbc551782.jpeg","alt":"ten-planning-rules"},"setGoalsPara":{"title":"1. Set goals","content":"In granting you stock options or restricted stock, or the right to buy shares in an employee stock purchase plan, your company has provided you with awards that have the potential to increase your loyalty to the company. Understanding the awards’ value and how they fit into your overall financial plans is important. Your planning should start with setting goals. Consider what you want to do with the proceeds from the eventual sale of the stock and when you might need to use that money. Are you hoping to pay for home repairs or renovations in two years, or your child’s college education, or to invest for retirement? These decisions will help you assess the role these awards will play in relation to your other income and savings."},"list":[{"title":"2. Develop an overall plan","left":{"class":"","content":"To strategically manage your awards, you should become familiar with the choices you can make regarding the term of your stock options, and the potential tax consequences of your decisions. To pursue your goals, you’ll need to decide when to exercise your options and sell your shares. You may benefit by staggering the exercises and subsequent sales over a period of years to spread out the taxes. Simply deciding at the beginning or end of each year when to exercise and sell options may not be the best approach. Plus, keep in mind that if you do not keep track of expiration dates, in-the-money options may expire unexercised."},"right":{"class":"right-blue-font","content":"Your planning should start with setting goals. Consider what you want to do with the proceeds from the sale of the stock."}},{"title":"3. Accurately value your stock options","left":{"class":"","content":"The intricacies of option taxation can easily catch you by surprise. You may forget to discount the value of the stock option by either the exercise price or taxes. For example, the option to buy at $50 per share 1,000 shares of your company’s stock that is now trading at $100 may first appear to be the equivalent of a $100,000 investment (1,000 shares x $100 current price). However, in the end you may net considerably less after paying the $50 exercise price and federal and state taxes combined. With the commonly granted nonqualified stock options (NQSOs), your company will probably withhold 22% federal taxes plus payroll and state taxes when you exercise those options."}},{"title":"4. Consider waiting as long as possible to exercise your options","left":{"class":"","content":"If the outlook for your company is good, consider waiting to exercise the options. A traditional stock option gives you the right to buy stock up to 10 years in the future. By waiting, you could leverage upside potential without any cash investment, and the spread between your exercise price and the stock price has the potential to grow without immediate taxation. Of course, taxes will be due upon exercise."}},{"title":"5. When to ignore rule #4","left":{"class":"","content":"You should wait to exercise your options only if doing so meets your goals and needs. When to exercise them is an individual decision based on your personal situation. If the stock options represent more than 10%–15% of your net worth, diversifying your investment may be more important than waiting. In addition, your company may have stock ownership guidelines that will require you to exercise and hold the shares for a specified time period. Finally, if your company’s stock is volatile—making the price swings inconsistent with your investment risk profile—you may want to exercise and sell earlier. Keep in mind that diversification does not ensure a profit or protect against loss.","content1":"Of course, if you work for a public company, you are generally prohibited from selling company stock when you have access to inside information. Become familiar with your company's blackout and pre-clearance trading rules, which could impact the timing of any stock sales."},"right":{"class":"right-blue-font","content":"If stock options represent more than 10%–15% of your net worth, diversifying your investment may be more important than waiting."}},{"title":"6. Read the documentation you receive about your stock options","left":{"class":"","content":"While it may seem overwhelming, you should carefully review the communications and documents that your employer provides to explain your options. If your plan is through Merrill, some of these documents may be available in the Document Library on Benefits OnLine®.","content1":"These documents will help you understand the steps you need to take to manage your awards. They should also help you understand your rights if you are fired or if you quit, leave your company to work for a competitor, retire, become disabled or die. Many plans give you no more than 90 days to exercise vested options after job termination for retirement or disability, though the post-termination exercise period can be longer. However, you may lose options immediately if you leave the company to work for a direct competitor. Make sure you, as well as your family and financial advisor or tax professional, are aware of these provisions.","image":{"class":"padding-right-20 margin-bottom-10","src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-ten-planning-rules_readdocs-CSX5e48153.jpeg","alt":"Image of man in suit reading documents"}}},{"title":"7. If you have ISOs, learn about AMT","left":{"class":"","content":"Your decision to exercise and hold your company stock may be impacted by the type of options you received. If you received NQSOs, when you exercise you will owe tax at your ordinary income rate on the spread between the option exercise and market price, whether or not you immediately sell the stock. However, if you have incentive stock options (ISOs), you may face an unfavorable tax treatment that primarily arises if you plan to exercise and hold the stock for one year to qualify for capital gains tax treatment.","content1":"Understanding how the alternative minimum tax (AMT) affects ISOs may help you avoid undesired tax consequences. Be sure to consult with your tax professional on this and other rules before making any decisions on your awards."},"right":{"class":"right-blue-font","content":"If you ignore the risk of AMT, you may need to pay tax on paper gains from your exercise before you even have the money. Be sure to consult with your tax professional."}},{"title":"8. Determine tax rates","left":{"class":"","content":"Most stock options generate ordinary taxable income when exercised, either because they are NQSOs or because the ISO stock is immediately sold after exercise. Work with your tax professional to determine your tax rate so that you can plan for any estimated tax payments and analyze whether you want to take all the income in one year or spread it out over several years."}},{"title":"9. Focus on sale restrictions","left":{"class":"","content":"If you’ve received options that are immediately exercisable, you should determine whether they have sale restrictions that lapse over time. If so, you may need to put up the cash to exercise them and then hold the shares."}},{"title":"10. Get guidance","left":{"class":"","content":"Guidance from experienced professionals can help you make informed decisions about your stock options that could improve your overall financial results. While there are many things to consider when selecting an advisor, if you receive stock options and other equity awards from your employer, you may want to ask how much experience the advisor has working with clients in similar financial situations—including management of stock options, restricted stock and restricted stock units (RSUs) or employee stock purchase plans (ESPPs).","content1":"If you are already working with a financial professional, don’t hesitate to ask for validation if they seem unsure of the actions you should take regarding your awards. It’s a lot easier to ask the questions up front than it is to try to undo a potentially costly tactical mistake."},"right":{"class":"margin-left-20","content":"","image":{"class":"","src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-ten-planning-rules_coupleadvice-CSXfd42b219.jpeg","alt":"ten-planning-rules_coupleadvice"}}}],"learnMoreTitle":"Learn more and take action","learnMoreContent":["When receiving restricted or performance awards through your company’s equity awards plan, you may be required to make a “tax election,” indicating how you want to pay the taxes due on the payment from your award. If your equity awards are through Merrill, review this helpful guide.","If your equity awards are through Merrill, to model—or model and exercise—your stock options on Benefits OnLine®, follow the instructions in this guide.","You should always consult your financial or tax professional before making any decisions concerning your awards."],"finePrints":["Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.","3315115"],"LINKS":{"taxElectionDoc":{"ID":"taxElectionDoc","content":"this helpful guide","URL":"https://rg.ml.com/Public/ECK/pdf/supporting_executive_needs/TAX_ELECTION_QT_FR.pdf","TARGET":"_blank"},"stockOptionsGuide":{"ID":"stockOptionsGuide","content":"guide","URL":"https://rg.ml.com/Public/ECK/pdf/supporting_executive_needs/MODEL_EXERCISE_STOCK_OPTIONS_QT_FR.pdf","TARGET":"_blank"}},"jcr":"copy/site/bol-education/data/en/ten-planning-rules-for-stock-options.json"},"sevensimplewaysjcr":{"pageTitle":"7 Simple Ways","title":"7 simple ways to organize your finances","7SimpleWaysImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-7-simple-ways-CSX6dd89dc6.jpg","alt":"7 simple ways to organize your finances image"},"7SimpleWaysIconImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-7-simple-ways-icon-CSX3d3441bd.png","alt":"7 simple ways to organize your finances Award icon image"},"jcr":"copy/site/bol-education/data/en/seven-simple-ways.json"},"monthbymonthguidejcr":{"pageTitle":"A Month By Month Guide","MonthByMonthGuideImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-Month-financially-healthier-CSX9d22f23a.jpg","alt":"A person doing a yoga pose in front of their laptop."},"MonthByMonthGuide2Image":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-Month_to_Month_Guide-CSX7ae67fa7.png","alt":"Make one small change every 30 days and by this time next year, you could be more “fiscally” fit"},"MonthByMonthGuideIconImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-month-by-month-checkmark-icon-CSX5d726431.png","alt":"Checkmark icon Image"},"jcr":"copy/site/bol-education/data/en/month-by-month-guide.json"},"fivehiddenbenefitsjcr":{"pageTitle":"5 Hidden Benefits","FiveHiddenBenefitsImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-five-hidden-benefits-CSXbb0d0832.jpg","alt":"5 hidden benefits of 529 education savings plans image"},"jcr":"copy/site/bol-education/data/en/five-hidden-benefits.json"},"howmuchdoyoureallyneedjcr":{"pageTitle":"How Much Do You Really Need","HowMuchImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-how-much-CSX74c2c74d.jpg","alt":"how much do you really need image"},"HowMuchChart2Image":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-how-much_chart2-CSX14a75d8e.png","alt":"Graphic shows how much the best savers and investors have set aside as a proportion of their current salary. For those ages 18-25, the amount is 0.1 times their current salary; for those ages 26-30, the amount is 0.7 times their current salary; for those ages 31-35, the amount is 1.4 times their current salary; for those ages 36-40, the amount is 2.2 times their current salary; for those ages 41-45, the amount is 3.1 times their current salary; for those ages 46-50, the amount is 4.2 times their current salary; for those ages 51-55, the amount is 5.4 times their current salary; for those ages 56-60, the amount is 6.8 times their current salary; for those ages 61-64, the amount is 8.2 times their current salary."},"HowMuchChart3Image":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-how-much_chart3-CSX24a2b57d.png","alt":"Bar chart showing the hypothetical difference between saving 5% and savings 6% of a $50,000 annual salary over 30 years. At 5 years, saving either 5% or 6% will net you under $15,000. At 10 years, saving either 5% or 6% will net you under $50,000. At 20 years, saving 5% will net you just under $100,000, and saving 6% will net you around $120,000. At 25 years, saving 5% will net you just under $150,000 and saving 6% will net you around $170,000. At 30 years, saving 5% will net you $210,000 and saving 6% will net you $251,000."},"HowMuchChart2Icon1Image":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-how-much_chart2-icon1-CSX459f353f.png","alt":"how much do you really need chart2 Housing icon image"},"HowMuchChart2Icon2Image":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-how-much_chart2-icon2-CSX40896823.png","alt":"how much do you really need chart2 Food icon image"},"HowMuchChart2Icon3Image":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-how-much_chart2-icon3-CSX8bd38f35.png","alt":"how much do you really need chart2 Health Care icon 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layer","LINKS":{"EmployerMatchCenterPosition":{"ID":"EmployerMatchCenterPositionLink","content":"","actionType":{"type":"layer","options":{"layerType":"tooltip","rel":"EmployerMatchCenterPosition","position":"Top"}}},"AnnualContributionCenterPosition":{"ID":"AnnualContributionCenterPositionLink","content":"","actionType":{"type":"layer","options":{"layerType":"tooltip","rel":"AnnualContributionCenterPosition","position":"Top"}}},"EmployerAnnualContributionCenterPosition":{"ID":"EmployerAnnualContributionCenterPositionLink","content":"","actionType":{"type":"layer","options":{"layerType":"tooltip","rel":"EmployerAnnualContributionCenterPosition","position":"Top"}}},"MeetCompanyMatchInfo":{"ID":"MeetCompanyMatchInfo","content":"","actionType":{"type":"layer","options":{"layerType":"tooltip","rel":"MeetCompanyMatchLayer","position":"Top"}}},"HSALimitsInfo":{"ID":"HSALimitsInfo","content":"","actionType":{"type":"layer","options":{"layerType":"tooltip","rel":"HSALimitsLayer","position":"Top"}}},"K401LimitsInfo":{"ID":"K401LimitsInfo","content":"","actionType":{"type":"layer","options":{"layerType":"tooltip","rel":"K401LimitsLayer","position":"Top"}}}},"layerContent":{"EmployerMatchCenterPosition":{"id":"EmployerMatchCenterPosition","title":"Employer match","content":{"text1":"Employer match is the percentage contributed by your employer to your 401(k) with an assumption your employer matches 50% of every dollar up to $10,000."},"options":{"type":"info"}},"AnnualContributionCenterPosition":{"id":"AnnualContributionCenterPosition","title":"Your annual contribution","content":{"text1":"Your annual contribution is funds contributed to your account by you to pay for qualified medical expenses."},"options":{"type":"info"}},"EmployerAnnualContributionCenterPosition":{"id":"EmployerAnnualContributionCenterPosition","title":"Employer annual contribution","content":{"text1":"Employer annual contribution is an annual, fixed dollar amount contributed to your health savings account by your employer."},"options":{"type":"info"}},"MeetCompanyMatchLayer":{"id":"MeetCompanyMatchLayer","title":"Employer match","content":{"text1":"Employer match is the percentage contributed by your employer to your 401(k) plan with an assumption your employer matches 50% of every dollar up to $10,000."},"options":{"type":"info"}},"HSALimitsLayer":{"id":"HSALimitsLayer","title":"Health Savings Accounts (HSA)","content":{"text1":"Health Savings Accounts (HSA) are only available to participants in a high deductible health plan. The 2021 HSA limits are $3,600 for individual, $7,200 for family, plus an additional $1,000 if over the age of 55."},"options":{"type":"info"}},"K401LimitsLayer":{"id":"K401LimitsLayer","title":"401(k) Plans","content":{"text1":"The tax laws establishes limits on the amount of contributions that participants in 401(k) plans can make each year. The 2021 limit is $19,500 for individual, plus an additional $6,500 if over the age of 50."},"options":{"type":"info"}}},"jcr":"copy/site/bol-education/module-specific/hsa-calculator/en/tooltip.json"},"educationsavingsplansjcr":{"pageTitle":"5 hidden benefits of 529 education savings plans","headline":"5 hidden benefits of 529 education savings plans","summaryImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-five-hidden-benefits-CSXbb0d0832.jpg","alt":"five hidden benefits of 529 college savings image"},"introPara1":"A 529 plan can be a great tax-advantaged way to save for an education — your children's, your own or anyone else's — and it may offer surprising financial flexibility.","introPara2":"If you establish a 529 plan account to pay for education expenses such as college, graduate or vocational school tuition and expenses, you may be able to take advantage of federal and possibly state income tax benefits. Earnings in a 529 account grow tax-free, and withdrawals, including any earnings portion of a withdrawal, are federal and possibly state income tax-free as long as the money is used for qualified higher education expenses.Footnote 1 Qualified higher education expenses also include:","expenseTypes":["Expenses for fees, books, supplies and equipment required for the participation of a designated beneficiary in a registered and certified apprenticeship program","Up to $10,000 per year per beneficiary to help pay for tuition in connection with enrollment or attendance at an eligible elementary or secondary public, private, or religious school (state tax treatment may vary).","Payment of student loans up to a lifetime maximum of $10,000 for the designated beneficiary or a sibling of the designated beneficiary (the lifetime maximum applies separately for the designated beneficiary and sibling of the designated beneficiary) "],"introPara3":"Opening and contributing to a 529 plan could be crucial in helping a student afford college. \"Every dollar you put aside now is one dollar less you have to find or borrow later,\" says Richard J. Polimeni, head, Education Savings Programs, Bank of America.","introPara4":"\"Every dollar you put aside now is one dollar less you have to find or borrow later.\"
– Richard J. Polimeni, head, Education Savings Programs, Bank of America
","listLead":"Here are five hidden ways to benefit from 529 plans:","list":[{"title":"1) A 529 account can provide you with favorable treatment when applying for financial aid","content":"\"Often, people mistakenly believe that because a 529 plan account is earmarked for higher education, it will have a greater negative impact on financial aid eligibility,\" says Polimeni. \"In fact, investing for college with a 529 plan is treated more favorably in the federal financial aid formula than saving in your child's name through a custodial account, such as an UTMA/UGMA.\" In general, financial need is defined as the difference between the total cost of college and the expected family contribution. Assets in a 529 plan for a minor child are typically owned by a parent, and according to federal financial aid formulas, parents' funds are tapped at a lower rate than those held in a child's name when it comes to calculating the expected family contribution. According to the College Savings Plans Network, during each year that a child is in college, parents are expected to contribute about 5.6% of the assets saved, whether that be in a 529 college savings plan account or other types of savings accounts. In contrast, up to 20% of the money saved in a custodial account, such as an UTMA or UGMA, which belongs to the child, could be counted toward the family's contribution to college each year.Footnote 2"},{"title":"2) If the student gets a scholarship, you can repurpose some or all of the 529 plan funds","content":"Your straight-A student or basketball star may give you an unexpected cash gift by earning a college scholarship. You can withdraw an amount equal to the scholarship from the 529 plan without incurring the 10% additional federal tax that is normally required on withdrawals that are not used to pay for qualified higher education expenses. You only would have to pay ordinary income tax on the earnings portion of the withdrawal and no taxes on the portion that represents your return of your principal. That money can be used to help you meet other financial goals, such as saving for retirement.
Another option is to give those unneeded 529 plan assets to another relative to use for college. You can change the account's beneficiary to a member of the family of the designated beneficiary — for example, one of your other children or even your child’s first cousin — without adverse income tax consequences.Footnote 3"},{"title":"3) You can use a 529 plan to fund your own continuing education","content":"Funds in a 529 plan can be used at an accredited post-secondary institution — including technical or vocational schools — to help pay for higher education. And, anyone age 18 or older with a Social Security number and residing in the U.S. can open and fund an account (refer to the state’s 529 plan rules to confirm your eligibility). You can open an account for yourself. It's a great way to pursue training for your current career or a new career for which you previously did not have the resources."},{"title":"4) Investing in a 529 plan sponsored by your home state can bring you additional tax advantages","content":"Every state — and the District of Columbia — sponsors its own 529 plan, which can be used to pay costs at accredited schools in any state, and many states offer a state income tax deduction to residents who contribute to their home state's plan. \"It's important to consider any benefits available in your home state, but you need to evaluate a particular 529 plan’s features like you would any other investment,\" says Polimeni. \"You'll want to look at the plan's investment manager, investment options, plan performance and underlying fees and expenses before you invest.\"
Each year, you can contribute a certain amount to a 529 plan for each beneficiary without triggering federal gift taxes or using your lifetime estate- and gift-tax exemption. The amounts you can contribute, as well as the exemption, can change annually. The latest information can be found in our Annual Limits Guide. While contributions to 529 plans are not deductible on your federal income tax return, the investments have the opportunity to grow tax deferred, and distributions to pay for a beneficiary's qualified higher education expenses are federally tax-free.Footnote 1"},{"title":"5) You can transfer the wealth with a 529 plan","content":"Contributing to a 529 plan can also help grandparents or others reduce the size of their taxable estates, while helping fund a grandchild's education. They can even accelerate their gifting timetable by contributing five years’ worth of annual exclusion gifts, per beneficiary, using the annual federal gift tax exclusion.Footnote 4The maximum amount that can be contributed can change annually. Keep in mind that within the five-year period, you would not be able to make additional gifts to the beneficiary — whether the gift is a contribution to a 529 plan or any other form of gift — without triggering the federal gift tax or using your lifetime gift exemption."}],"learnMoreTitle":"Learn more and take action","learnMoreContent":["Find out how much you may need to save by using the College Planning Calculator.","Learn how a 529 education savings account can affect your child's financial aid."],"footnotes":["1To be eligible for favorable tax treatment afforded to the earnings portion of a withdrawal from a Section 529 account, such withdrawal must be used for “qualified higher education expenses,” as defined in the Internal Revenue Code. The earnings portion of a withdrawal that is not used for such expenses is subject to federal income tax and may be subject to a 10% additional federal tax, as well as applicable state and local income taxes. The additional tax is waived under certain circumstances. The beneficiary must be attending an eligible educational institution at least half-time for room and board to be considered a qualified higher education expense, subject to limitations. Institutions must be eligible to participate in federal student financial aid programs. Some foreign institutions are eligible. You can also take a federal income tax-free distribution from a 529 account of up to $10,000 per calendar year per beneficiary from all 529 accounts to help pay for tuition at an eligible elementary or secondary public, private or religious school. Qualified higher education expenses now include expenses for fees, books, supplies, and equipment required for the participation of a designated beneficiary in an apprenticeship program registered and certified with the Secretary of Labor under the National Apprenticeship Act and amounts paid as principal or interest on any qualified education loans of the designated beneficiary or sibling of the designated beneficiary, up to a lifetime maximum of $10,000 per individual. Distributions with respect to the loans of a sibling of the designated beneficiary will count toward the lifetime limit of the sibling, not the designated beneficiary. Such repayments may impact student loan interest deductibility. State tax treatment may vary for distributions to pay for tuition in connection with enrollment or attendance at an eligible elementary or secondary public, private or religious school, apprenticeship expenses, and payment of qualified education loans.","2Financial aid rules may change, and the rules in effect at the time the beneficiary applies may be different. For more complete information, visit the student aid office of the U.S. Department of Education website at https://studentaid.gov. The College Savings Plans Network is an affiliate of the National Association of State Treasurers and serves as a clearinghouse for information among state-administered college savings programs.http://www.collegesavings.org.","3The account owner can change the beneficiary to another member of the family of the original beneficiary without incurring federal, and generally state and local, income tax. Please refer to the Internal Revenue Code section 529(e)(2) definition of \"member of the family.\" If assets are contributed from an UTMA or UGMA account, the custodian may not change the designated minor, except as permitted by applicable law.","4Contributions during 2023 between $17,000 and $85,000 ($34,000 and $170,000 for married couples electing to split gifts) made in one year can be prorated over a five-year period without subjecting you to gift tax or reducing your federal unified estate and gift tax credit. If you contribute less than the $85,000 ($170,000 for married couples electing to split gifts) maximum, additional contributions can be made without subjecting you to federal gift tax, up to a prorated level of $17,000 ($34,000 for married couples electing to split gifts) per year. Gift taxation may result if a contribution exceeds the available annual gift tax exclusion amount remaining for a given beneficiary in the year of contribution. For contributions between $17,000 and $85,000 ($34,000 and $170,000 for married couples electing to split gifts) made in one year, if the account owner dies before the end of the five-year period, a prorated portion of the contribution may be included in their estate for estate tax purposes."],"finePrints":["NOTE: Certain states may offer tax or other benefits for investing in their Section 529 plan. Some states may reduce or eliminate those benefits for investments in Section 529 plans administered by a state other than your home state or your beneficiary's home state. It is important to carefully consider any benefits available in your home state (or the home state of your designated beneficiary), along with a plan's investment manager, investment options, plan performance and underlying fees and expenses prior to investing. Certain states also may require the recapture of all or part of previously claimed tax benefits if the proceeds are not used for qualified higher education expenses (as defined by the federal tax law) or if the assets are transferred to another state's Section 529 plan.","Please remember there's always the potential of losing money when you invest in securities.","Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.","Before you invest in a Section 529 plan, request the plan's official statement and read it carefully. The official statement contains more complete information, including investment objectives, charges, expenses and risks of investing in the 529 plan, which you should consider carefully before investing. You should also consider whether your home state or your designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds and protection against creditors that are available only for investments in such state's 529 plan. Section 529 plans are not guaranteed by any state or federal agency."],"versionNumber":"5354955","versionNumberAria":"5 3 5 4 9 5 5","LINKS":{"collegePlanningTool":{"ID":"collegePlanningTool","content":"College Planning Calculator","URL":"https://www.merrilledge.com/college-savings/college-cost-calculator","TARGET":"_blank"},"educationSavingsAccount":{"ID":"educationSavingsAccount","CLASS":"","content":"529 education savings account","URL":"https://www.education.ml.com/bol/Pages/Article.aspx?Title=could529edsavingsaffectchildsfinancialaid","TARGET":"_self"},"qualified529Expense":{"ID":"qualified529Expense","CLASS":"","content":"qualified 529 expense","URL":"https://www.education.ml.com/bol/Pages/Article.aspx?Title=whatcountsasaqualified529expense","TARGET":"_self"},"annuallimitsguide":{"ID":"annuallimitsguide","CLASS":"","content":"Annual Limits Guide","URL":"https://images.em.bankofamerica.com/FW/Annual-Tax-Limits.pdf","TARGET":"_blank"},"maximumamount":{"ID":"maximumamount","CLASS":"","content":"The maximum amount that can be contributed","URL":"https://rg.ml.com/Public/ECK/pdf/meeting_compliance_requirements/cola_limits_Flier_fr.pdf","TARGET":"_blank"}},"jcr":"copy/site/bol-education/data/en/education-savings-plans-benefits.json"},"hsastrategiesjcr":{"pageTitle":"Making the most of your HSA: strategies for every age and stage","headline":"Making the most of your HSA: Strategies for every age and stage","summaryImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-hsa-strategies-for-every-age-CSX6607b910.jpg","alt":"A family of four hiking on a snowy wooded path"},"introPara1":"Whether you’ve just started contributing to your health savings account (HSA) or have had one for years, chances are it offers more savings power than you realize. From paying your health plan deductible to buying braces to getting reimbursed for prescriptions, your HSA allows you to cover eligible medical expenses using pre-tax dollars.","introPara2":"No matter where you are in life — or where you’re headed — here’s what you can do to make the most of your HSA.","inMy20":{"title":"I'm in my 20s...","subTitle":" What can an HSA do for me?","para1":"HSAs are exclusively for people enrolled in a high-deductible health plan. High-deductible health plans are extremely popular with young people because the monthly premiums are typically lower. And let’s face it, as a young person, you tend to be healthier and, therefore, less likely to need a lot of medical care.","para2":"By contributing to an HSA starting at an early age, you have the opportunity to let your money potentially grow tax-free for 30-40 years. A parent or loved one can also make contributions to your HSA on your behalf. In total, contributions are limited to the annual maximum set by the tax laws. To learn more, refer to our annual limits guide.","para3":"Unlike a health flexible spending account (FSA), you own your HSA and it’s yours for life. Any unspent funds roll over from year to year. You can use the funds now or in the future and even use them to help you pay for healthcare during retirement.","right":{"title":"HSAs provide potential tax advantagesFootnote 1 that aren’t offered by a 401(k) account or IRA:","list":["Account contributions are federal income tax deductible (or pre-tax if made through payroll deductions)","Any potential earnings are federal income tax-free","Withdrawals for qualified medical expenses are federal income tax-free"]}},"inMy40":{"title":"I'm in my 40s...","subTitle":" I have an HSA, but am I using it the right way?","para1":"Regular checkups are one thing. But between Bobby’s braces, Julia’s allergy medicine and your eyeglasses, once you hit your 40s you may be paying a pretty penny to keep everyone healthy.","para2":"At this stage of life, an HSA offers you a potentially tax-advantaged way to pay for common medical expenses. Let’s assume that your effective tax rate is 25%. Paying with pre-tax HSA dollars is like getting a 25% discount on things like your prescriptions, fillings and ankle wraps — helping you stretch your money. You can pay qualified healthcare expenses right away using your HSA dollars, or you can pay cash, save your receipts and get reimbursed later — which gives your money more time to possibly benefit from growth."},"retirement":{"title":"Retirement is on the horizon...","subTitle":" How can I maximize my HSA?","para1":"The first thing you can do if you’re age 55 or older by the end of the year is to take advantage of a higher HSA contribution maximum allowed by the tax laws. To find the latest information about how much you can contribute, view our annual limits guide.","para2":"While it might seem challenging to increase your contributions, you may want to consider how you could juggle your finances to allow you to save more while you are still working. Even people who have healthy diets, exercise regularly and limit their vices don’t get a “good health guarantee” — and almost everyone becomes a bigger consumer of healthcare as they age. Consider this: A healthy couple may need up to $270,000 for healthcare expenses after they retire.Footnote 2 When paying for healthcare costs in retirement, the HSA is a smart way to go. The money you contribute may be tax-deductible (or pre-tax if contributions are made through payroll deductions) with a potential for federal income tax-free growth. It can also be used to pay for qualified healthcare expenses federal income tax-free. Medicare premiums,Footnote 3 long-term care, nursing services, medications and moreFootnote 4 are all currently qualified to be paid from an HSA account.","para3":"Maxing out your HSA to establish a nest egg to use for qualified healthcare expenses could potentially free up your other savings — enabling you to do the things that are important to you."},"learnMoreTitle":"Learn more and take action","learnMoreContent":["Want to find out more about HSAs? Bank of America can help — visit","healthaccounts.bankofamerica.com today. You should also check with your employer."],"finePrints":["Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.","This material should be regarded as general information on healthcare considerations and is not intended to provide specific healthcare advice. If you have questions regarding your particular healthcare situation, please contact your healthcare, legal or tax advisor.","Mutual Fund investment offerings for the Bank of America, N.A. (\"BANA\") HSA are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (\"MLPF&S\"), a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of Bank of America Corporation (\"BofA Corp\"). Investments in mutual funds are held in an omnibus account at MLPF&S in the name of Bank of America, N.A. (\"BANA\"), for the benefit of all HSA account owners. Recommendations as to HSA investment menu options are provided to BANA by the Chief Investment Office (\"CIO\"), Global Wealth & Investment Management (\"GWIM\"), a division of Bank of America Corporation. The CIO, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group (ISG) of GWIM."],"footnotes":["1About potential tax advantages: You can receive federal income tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you, your spouse or your dependents incur after you establish the HSA. If you receive distributions for other reasons, the amount you withdraw will be subject to federal income tax and may be subject to an additional 20% federal tax, unless an exception applies. Any interest or earnings on the assets in the account are federal income tax free. You may be able to claim a tax deduction for contributions you, or someone other than your employer, make to your HSA directly (not through payroll deductions). In addition, HSA contributions may reduce your state income taxes in certain states. Certain limits may apply to employees who are considered highly compensated key employees. Bank of America recommends you contact qualified tax or legal counsel before establishing an HSA.","2Employee Benefit Research Institute, “Projected Savings Medicare Beneficiaries Need for Health Expenses Spike in 2021,” January 2022. A 65-year-old couple, both with median drug expenses, would need $296,000 in savings to have a 90% chance of having enough money to cover healthcare expenses (excluding long-term care) in retirement. A 65-year-old man would need $142,000 or a 65-year-old woman would need $159,000 to have to have a 90% chance of having enough money to cover healthcare expenses (excluding long-term care) in retirement. Savings are needed for Medigap premiums, Medicare Part B deductibles and premiums, Medicare Part D premiums and out-of-pocket drug expenses for retirement at age 65 in 2021.","3For those over age 65, premiums for Medicare Part A or B, Medicare HMO and employee premiums for employer-sponsored health insurance can be paid from an HSA.","4The Internal Revenue Service (IRS) publishes a list of qualified expenses in Publication 502, Medical and Dental Expenses, available at www.irs.gov."],"versionNumber":"5403208","versionNumberAria":"5 4 0 3 2 0 8","LINKS":{"healthAccounts":{"ID":"healthAccounts","content":"healthaccounts.bankofamerica.com","CLASS":"break-word","URL":"https://healthaccounts.bankofamerica.com/","TARGET":"_blank"},"annuallimitsguide":{"ID":"annuallimitsguide","CLASS":"","content":"annual limits guide","URL":"https://images.em.bankofamerica.com/FW/Annual-Tax-Limits.pdf","TARGET":"_blank"},"memberspic":{"ID":"memberspic","CLASS":"","content":"Member SIPC","URL":"https://www.sipc.org/","TARGET":"_self"},"hsairs":{"ID":"hsairs","content":"www.irs.gov","CLASS":"break-word","URL":"https://www.irs.gov/","TARGET":"_blank"}},"jcr":"copy/site/bol-education/data/en/hsa-strategies.json"},"retirementplanningjcr":{"pageTitle":"Retirement planning and your equity awards","headline":"Retirement planning and your equity awards","summaryImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-Retirement-planning-and-your-equity-awards-CSX725ec7db.jpg","alt":"Man reading documents while sitting on a sofa, with a laptop, book and other papers on the table in front of him."},"introPara1":"Do stock options make up a significant portion of your retirement assets? Here’s how you can get the most out of the benefits your employer has granted you.","introPara2":"To plan for the kind of retirement you want, it’s important to regularly — at least annually — assess your progress toward building your nest egg. That means, among other things, being aware of and keeping track of all your sources of income. For many people, a critical income stream in retirement will come from equity awards, often in the form of stock options,Footnote 1 that have been granted to them by employers.","introPara3":"Equity awards can take a number of forms: stock options, restricted stock, restricted stock units (RSUs), employee stock purchase plans and more. All come with different rules, and none should be regarded in exactly the same way as equities you may hold as an individual. The tips below can help you understand the differences between your equity awards and give you a better sense of how you can best use them as you build your retirement plan. These tips refer to U.S. taxpayers and do not address state taxes.","list":[{"title":"How stock options can fit into your retirement goals","left":{"class":"","content":["Options are not the same as other types of equity, such as stocks or mutual funds. While options are an equity component, they may be riskier than stocks you may own outright or unvested restricted stock. The value of stock options can be highly volatile because they are typically subject to dilution by grants to other employees, have a set exercise price (typically equal to the fair market value of the underlying stock at grant) even though the value of the underlying stock may decrease below that price and the percentage of your investment portfolio they make up can change daily. In addition, they’re concentrated in one company’s stock (your employer), and you don’t directly control the size of option grants and other equity awards you may receive each year.","Additionally, you may have large amounts of company stock in your 401(k) account. Therefore, it’s important to accurately assess how the value of your stock holdings — those held in options and otherwise — factor into your overall investment portfolio. A financial professional can help with this analysis."]}},{"title":"What happens to your outstanding equity grants when you retire?","left":{"class":"medium-6 large-6","content":["Equity grants (such as stock options and restricted stock) almost always have vesting provisions that specify the times or circumstances when you will gain a nonforfeitable right to all or a portion of the grant. Your employer’s equity incentive plan or your award agreement will detail the vesting provisions that apply to your grant. Although vesting usually requires your continued employment at your company, some companies treat retirement more generously than termination of employment for other reasons, such as if you leave to work for another company. Closely review your employer’s equity incentive plan provisions for any rules and definitions that apply to retirement to see if the plan treats vesting differently for retirement events. Then consider choosing a retirement date that maximizes the vesting of your equity grants, resulting in the highest percentage of vested equity awards (such as exercisable stock options or unrestricted stock) possible for your circumstances."]},"right":{"class":"medium-6 large-6","title":"Exercising ISOs upon separation from your company","content":"Alert! Even if your employer’s equity incentive plan allows vesting to continue or accelerates vesting at the time of separation from your company, you must exercise incentive stock options (ISOs) within three months of terminating employment (one year in the case of termination due to death or disability) to prevent them from becoming nonqualified stock options (NQSOs). Exercising ISOs and holding the shares directly can result in more favorable tax treatment than that of NQSOs, but ISOs can also trigger the alternative minimum tax at the time of exercise, so you should consult your tax professional to discuss your situation."}},{"title":"Stock options","left":{"class":"","content":["The tax-planning process is particularly important when you expect your stock options to account for a large part of your retirement nest egg. Many people begin exercising options well before retirement. This strategy can also provide diversification if your portfolio is heavily weighted in company stock. Keep in mind that diversification does not ensure a profit or protect against loss.","Your tax professional can help you understand the implications of your exercise strategies and provide guidance on whether you should hold or sell your company stock, particularly with respect to the exercise of ISOs."]}},{"title":"Restricted stock and RSUs versus stock options","left":{"class":"","content":["Your investment portfolio might contain restricted stock, RSUs and stock options. Because stock options can lose all their value if the trading price dips below the exercise price, there is a perception that restricted stock and RSUs have more value than stock options. The security offered by restricted stock and RSUs may seem more beneficial as you near retirement because they may maintain some worth even if the stock value declines. In addition, if your company pays dividends, and depending on the terms of the equity incentive plan, you may receive dividends along the way or at vesting if you hold restricted stock (or a dividend equivalent if you hold RSUs).","However, stock options may have greater upside potential and thus can potentially produce more value than restricted stock and RSUs can. In addition, stock options, to the extent they are not subject to Section 409A of the Internal Revenue Code, as amended, generally give you more control over when you recognize federal ordinary income for tax purposes and generally provide longer “tax deferral” than restricted stock and RSUs, which usually become subject to federal ordinary income taxes at vesting (typically vesting within four or five years from the grant date). Some RSU awards, however, give you the ability to defer share delivery and the associated federal income tax (not including employment taxes) until a future date, such as retirement, if you elect deferral before or within 30 days after grant. Note that stock options generally expire 10 years from the grant date."]}},{"title":"401(k)s and IRAs","left":{"class":"","content":["Income recognized from equity awards may be included in your total income for the purposes of calculating the amount you can contribute to your company’s 401(k) plan, but you should confirm this with your company regarding the terms of its 401(k) plan. View the current annual contribution limits to help determine how much more you can contribute. These amounts are adjusted for inflation and may be increased in future years.","Therefore, equity compensation may allow you to contribute more to your 401(k) plan when (1) your contribution amount is capped at a specified percentage of your compensation and (2) your annual contribution is normally below the yearly maximum permitted by the tax code and the plan. You should confirm how much your maximum individual contribution amount is for a plan year with your company’s human resources professional or your 401(k) plan administrator.","In addition to contributions to an employer-sponsored retirement plan such as a 401(k) plan, you can contribute a certain amount to an IRA. These limits will vary; see the current annual limits guide for this year’s details. Contributions to Roth IRAs are made with after-tax dollars, but qualified distributionsFootnote 2 will be free of federal, and possibly state, income tax. Contributions to traditional IRAs may be tax deductible. Tax-deductible contributions and any earnings are tax-deferred until withdrawal."]}},{"title":"Roth IRAs","subheadingClass":"","left":{"class":"medium-7","content":["Your eligibility to contribute to a Roth IRA is based on your modified adjusted gross income (MAGI) for the year and your federal tax filing status. This is your regular adjusted gross income (AGI) with a few differences (e.g., any income from the conversion of a traditional IRA to a Roth is not included in MAGI). If your MAGI exceeds the relevant income limits, your maximum contribution is limited or phased out completely. However, you can still contribute to a traditional IRA, and you can convert amounts in a traditional IRA to a Roth IRA regardless of MAGI, though you may owe income taxes in the year of the conversion. You could use the proceeds of any equity compensation that vests or is exercised and sold to pay the taxes resulting from the conversion."]},"right":{"class":"medium-5","subheadingClass":"","title":"IRA contribution limits","content":"For the latest IRA contribution and modified adjusted gross income (MAGI) limits, visit IRS.gov.
Alert! You can open an IRA and make a contribution for a tax year up until the IRS tax filing deadline (without extensions) for that tax year."}},{"title":"Traditional IRAs","subheadingClass":"","left":{"class":"","content":["When neither spouse is covered by a retirement plan at work, both spouses may make fully tax-deductible IRA contributions (subject to annual contribution limits). However, when one or both spouses are covered by a plan at work, your IRA deduction may be reduced or eliminated entirely depending on your MAGI and federal tax filing status. See IRS Publication 590-A for more information."]}},{"title":"Making thoughtful choices","left":{"class":"","content":["You have the opportunity to pursue whatever you want in retirement. But getting there depends on the choices you make today. When managed properly, equity compensation can make a significant contribution to your wealth accumulation goals, and your equity awards could be an important factor in pursuing your retirement goals."]}}],"learnMoreTitle":"Learn more and take action","learnMoreContent":["Visit the Company Stock Education page in the Benefits OnLine® Education Center for guides, articles and videos about managing your equity awards."],"warning":"Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.","morecontent":["This article is a general description of equity plan services. Any awards that you have or may be granted are subject to the terms of your company’s plan, any agreement between you and your company covering your equity awards, and the prospectus provided to you by your company.","Any transactions in connection with your plan in your Merrill brokerage account are subject to the terms and conditions of that account. This material does not constitute an offer or invitation to buy any securities. Any offer to buy securities from your company would be made only by a prospectus in accordance with the Securities Act of 1933 as amended, and all applicable laws."],"footnotes":["1This article is generally referring to stock options issued at fair market value that are exempt from Internal Revenue Code Section 409A and can be exercised at any time after vesting. Not all stock options have this flexibility. Contact your company and your tax advisor to assist you in determining when you can exercise your stock options.","2Qualified distributions are generally made when you are at least 59½, disabled or deceased and after the five-year period beginning with the first tax year for which a contribution was made to a Roth IRA set up for your benefit. If you receive a non-qualified distribution from your Roth IRA, any earnings distributed generally will be subject to federal ordinary income tax, plus a 10% additional federal tax."],"versionNumber":"5452051","versionNumberAria":"5 4 5 2 0 5 1","LINKS":{"irsGov":{"ID":"irsGov","content":"IRS.gov","URL":"http://details-he.re/esPbeE","TARGET":"_blank"},"equityAwardsPage":{"ID":"equityAwardsPage","content":"Company Stock Education page","URL":"http://www.education.ml.com/bol/pages/equity-awards-education.aspx","TARGET":"_self"},"annuallimitsguide":{"ID":"annuallimitsguide","content":"current annual limits guide","URL":"https://go.ml.com/Tax-Guide","TARGET":"_blank"},"annualcontributionlimits":{"ID":"annualcontributionlimits","content":"current annual contribution limits","URL":"https://go.ml.com/Tax-Guide","TARGET":"_blank"}},"jcr":"copy/site/bol-education/data/en/retirement-planning-and-equity-awards.json"},"targetdatefundsjcr":{"headline":"Target date funds: Taking the DIY factor out of investing for retirement","pageTitle":"Target date funds: Taking the DIY factor out of investing for retirement","summaryImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-DIY-factor-CSX51a6e4cc.jpg","alt":"A man seated on the floor and a woman seated on a bench take a coffee break. A sink, bucket and tools surround them."},"introPara1":"Even if you enjoy the occasional do-it-yourself (DIY) project around the house, you may not want to take that approach when it comes to something as important as investing for your future.","introPara2":"Choosing investments, balancing risk and potential return, deciding when to shift that balance as you approach a major milestone such as retirement — it all takes a lot of time and know-how. If you’d rather have a way to invest that doesn’t require you to handle day-to-day investing decisions, it may be time to consider a target date fund (TDF).","gettingToKnowTDFs":{"title":"Getting to know TDFs","content":{"para1":"TDFs are a popular choice,1 both for those participating in employer-sponsored retirement plans and for those investing outside of these plans. Known by such names as “life-cycle funds” and “age-based funds,” TDFs make it possible to invest in a diversified retirement portfolio with a mix of stocks, bonds, cash equivalents and other asset classes that are appropriate for your time horizon, simply by choosing a single fund.","para2":"Over time, the underlying investments in TDFs are adjusted by the fund manager so that your investment mix becomes more conservative (for example, fewer stocks and more bonds) as retirement gets closer. That’s important because your asset allocation mix at age 30, when you’re focused on building your account balance over the long haul, could be too aggressive 30 years later, when you may be preparing to live on the assets you’ve accumulated. TDF managers also will rebalance the asset mix in the fund periodically to maintain the fund’s intended strategy.","right":"TDFs make it possible to invest in a diversified retirement portfolio simply by choosing a single fund."}},"choosingTDF":{"title":"Choosing a TDF","content":{"para1":"So, what should you know about choosing a TDF? Let’s say you were born in 1975 and expect to retire at age 65, which would be in 2040. You’ll generally want to select a fund with a date as close to that “target” as possible. It might be named “Target 2040” or “Retirement 2040.” While that sounds pretty straightforward, you’ll also want to consider the following:","list":["Is the fund compatible with your investing style? Funds with the same target dates may be invested differently. Be sure to consider whether a fund offers the growth potential you want today — and the balance of risk and return you’re seeking as you get closer to retirement. If you prefer a more aggressive mix, you may opt for a TDF with a later target date. For a more conservative mix, an earlier date may work.","“To” or “through”? A TDF’s “glide path” guides how and when the fund will shift to a more conservative mix of investments. For funds with “to” dates, the glide path ends during the target year, providing the most conservative investment mix at that time. Funds with “through” dates keep gliding after the target year, reaching their most conservative allocation at a later point in time.","Will you be content with a single retirement investment? Because a key benefit of TDFs is their ability to manage and adjust your asset allocation for you, they’re generally considered an alternative to selecting multiple investment options and creating your own retirement portfolio."]}},"stayingTunedIn":{"title":"Staying tuned in","content":{"para1":"Choosing a TDF may feel like putting your retirement plan on cruise control. But, as with any investment, you’re still ultimately in charge. Your ability to realize your retirement goals will be affected by other factors, including the performance of the markets and the amount you contribute to your retirement plan. It also will depend on your willingness to keep an eye on your TDF’s glide path, especially if you're getting closer to retirement — or if your retirement plans change over time. You may want to consider switching to a fund with a later or earlier target date if your TDF is:","list":["Too conservative: Maybe your goal is to boost retirement savings in your final working years, and you’re willing to take greater risks and endure the possibility of more volatility in exchange for potentially higher returns.","Too aggressive: On the other hand, perhaps you are not comfortable with the level of risk involved in your current fund and want to try to reduce the volatility that often comes with investing in stocks."]}},"learnMoreTitle":"Learn more and take action","learnMoreContent":["Learn more about TDFs.","If your 401(k) is with Merrill and the plan offers TDFs in the investment menu, you can select a fund and monitor its performance at Benefits OnLine®."],"LINKS":{"TDFs":{"ID":"TDFs","content":"TDFs","URL":"https://rg.ml.com/Public/ECK/pdf/understanding_plan_features/TARGET_DATE_FAQ_FR.pdf","TARGET":"_blank","REL":"noreferrer"},"benefitsOnline":{"ID":"benefitsOnline","content":"Benefits OnLine®","URL":"http://www.benefits.ml.com/","REL":"noreferrer"}},"footnotes":["1Target date funds are now offered by more than 80% of employer-sponsored plans, according to the Plan Sponsor Council of America (PSCA) in its “65th Annual Survey of Profit Sharing and 401(k) Plans,” released December 2022.","The target date for these funds is the approximate date when an investor plans to start withdrawing the assets from their retirement account. The principal value of these funds is not guaranteed at any time, including at the target date. These funds are designed to become more conservative over time as the target date approaches."],"finePrints":["Investing through your plan involves risk. There is always the potential of losing money when you invest in securities.","Diversification does not ensure a profit or protect against loss in declining markets."],"versionNumber":"5280890","versionNumberAria":"5 2 8 0 8 9 0","jcr":"copy/site/bol-education/data/en/target-date-funds.json"},"workinginretirementjcr":{"headline":"Working in retirement: Why it's not such a bad thing","pageTitle":"Working in retirement: Why it's not such a bad thing","summaryImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-working-in-retirement-CSX3eeaa9ad.jpg","alt":"image of a man and woman working in their retirement"},"subTitle":"How to envision and plan for your next act.","author":"By Kerry Hannon","introPara1":"For some, working during retirement is a financial decision. For others, it’s by choice.","introPara2":"“Chances are you may want to continue to work part-time, or freelance or start a small business,” says Lorna Sabbia, head of Retirement & Personal Wealth Solutions at Bank of America. “Some people choose to work into their 70s or 80s since it helps them to feel engaged and productive.” Either way, working in retirement doesn’t have to mean hanging on to the same job. You might want to work in a less stressful job or industry, work part-time or even start a business. The trick is to lay the groundwork as early as possible—even starting in your 50s. Here�s how:","list":[{"title":"Ask yourself: what do I want to do next?","left":{"paraHalf":"Do an appraisal of your skills and values. Ask yourself what you hope to gain from continuing to work, is it for the money, or is it more the sheer joy of putting your experience toward something you are passionate about? Start by figuring out what you don’t want to do, since it may be easier to start with a process of elimination. Next, write down the kind of work you had to set aside as your career heated up and that you’d like to revisit when your time is more flexible. That could be a desire to teach or help others or return to a hobby that you once devoted more time to.","para2":"Think about how you can redeploy your skills. Can you take your financial expertise, communications know-how or management savvy in a new direction? Perhaps you have a passion that can lend itself to paid work. With a knack for remodeling and decorating, say, you might find work as a senior move consultant, helping people downsize and move to a smaller apartment or assisted-living community. If you’re a fitness buff, you could get certified as a senior fitness instructor or senior massage therapist, both growing fields."},"right":{"quote":"“I know people who are working in their late 80s, it keeps them feeling young, engaged and excited.”","author":"– Lorna Sabbia, head of Retirement & Personal Wealth Solutions, Bank of America"}},{"title":"Try out your future as a side hustle","left":{"para1":"You can test out a potential retirement job while you’re still working by moonlighting or volunteering. If you eventually want to teach at a local college, for example, offer to guest lecture a class. The key is to look into pro-bono openings that use your expertise and build up your work experience in a new area. In addition to sharpening your skills, volunteering can expand your network and get people to see you in a different light.","para2":"You can search for volunteer opportunities online at Pointsoflight.org, Idealist.org and VolunteerMatch.org. AARP has a “Volunteer Wizard” tool that matches your interests with nonprofit needs. Catchafire.org and TaprootPlus.org specialize in connecting professionals with organizations that need help. If you’d like to serve on a board of directors, visit BoardnetUSA.org."}},{"title":"Hit the books now","left":{"para1":"This is the time to beef up your skills or add any certificates you might need. Check out online and in-person classes at your alma mater, nearby colleges and adult education centers. There are also formal educational programs for seasoned professionals planning a second act. At the Stanford Distinguished Careers Institute, operated in partnership with the Stanford Center on Longevity, fellows can enroll in classes across the university. Other schools with similar programs include Harvard, the University of Notre Dame, the University of Texas at Austin and the University of Minnesota."}},{"title":"Put your finances in order","left":{"para1":"If you’re starting over in a new field, you will probably not make the salary you did in your previous role. New entrepreneurs often don’t pay themselves a salary while the business gains traction. That isn’t necessarily a problem when you’re financially fit. Do a budget to see where you can trim. Pay down debt. Power save. And talk with your financial advisor. You might even research moving to a town where the cost of living is less. “The main reason for saving money during your primary career is to give yourself options.” Sabbia says. “It gives you the freedom to think about what you might like to do next – which may, or may not, include working.“"}},{"title":"Build your network","left":{"para1":"“Talk to people who have been through the experience of working after retirement, particularly in an area that you’re considering. Networking is the key,” says Sabbia. Colleges and large companies typically have alumni networking groups on social media. The Transition Network, a networking group for women over 50, has chapters nationwide. To connect with others looking to make an impact in a new job, get involved with Encore.org. More than 5,000 members share articles, job listings and advice on the organization’s LinkedIn group, where you can also pose questions about how to make your shift to fulfilling work happen.","para2":"Kerry Hannon is the best-selling and award-winning author of a dozen books, including Money Confidence: Really Smart Financial Moves for Newly Single Women, Great Jobs for Everyone 50+: Finding Work That Keeps You Happy and Healthy...and Pays the Bills, The 10-Minute Guide to Retirement for Women and Never Too Old to Get Rich: The Entrepreneur’s Guide to Starting a Business Mid-Life."}}],"learnMoreTitle":"Learn more and take action","learnMoreContent":["Whether you choose to work in retirement or not, organizing your finances is an important step to help ensure a smooth transition to your next phase.","How much do you need to save for retirement? It depends on a variety of factors, including whether or not you intend to keep working. Learn More."],"versionNumber":"3360907","versionNumberAria":"3 3 6 0 9 0 7","LINKS":{"theTransitionnetwork":{"ID":"theTransitionnetwork","content":"The Transition Network","URL":"http://details-he.re/un5xzL","TARGET":"_blank","REL":"noreferrer"},"encoreOrg":{"ID":"encoreOrg","content":"Encore.org","URL":"http://details-he.re/bWqpYV","TARGET":"_blank","REL":"noreferrer"},"organizingYourFinances":{"ID":"organizingYourFinances","content":"organizing your finances","URL":"/education/articles/?Title=7simplewaystoorganizeyourfinances","TARGET":"_blank"},"learnMore":{"ID":"learnMore","content":"Learn More","URL":"https://www.education.ml.com/bol/Pages/Article.aspx?Title=is1millionenoughtoretireon","TARGET":"_blank","REL":"noreferrer"}},"jcr":"copy/site/bol-education/data/en/working-in-retirement.json"},"guidetohealthinsurancejcr":{"headline":"Your pain-free guide to health insurance","pageTitle":"Your pain-free guide to health insurance","summaryImage":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-your-pain-free-guide-to-health-insurance-CSX4c48c100.jpg","alt":"The tubing of a stethoscope forms a heart, with the bell and diaphragm positioned within the left side of the heart and the headset partially out of the picture to the right."},"adapatedFrom":"Adapted from Better Money Habits®","introPara1":"Learn how different health-care plans, cost-sharing options and health savings accounts (HSAs) can help keep you — and your medical bills — covered.","introPara2":"Choosing health insurance can be overwhelming. But whether you’re getting insurance from your employer or finding a plan on your own, you’ve come to the right place. By learning about the different types of plans, out-of-pocket costs and ways you can save with health savings accounts (HSAs), you’ll have a fighting chance of keeping your health bills in check — so a broken leg doesn’t also break the bank.","list":[{"title":"1. Where should you look for health insurance?","left":{"para1":"In addition to your employer, you may be able to get coverage through a spouse or domestic partner’s plan, or (if you’re still under 26) through a parent’s. As another option, you might qualify for a state or federal program or be able to buy a policy through a state or federal exchange; you can explore these options online. To learn more, you can use plan comparison tools — offered by exchanges or your employer — and even ask family, friends and colleagues for input on which plans work best for them."}},{"title":"2. What does health insurance cover?","left":{"paraHalf":"Health insurers will negotiate the costs of, and generally help you pay for, any care that is covered. The best way to find out what that includes — ideally before you buy — is to check the Summary of Benefits and Coverage (SBC), which your employer or the exchange you’re shopping on will provide.","para1":"Read it carefully, especially if you know you have specific health-care needs — for example, if you have a chronic condition such as asthma or are trying to get pregnant. It should tell you exactly what’s covered and how much you have to contribute for your care.","para2":"Your plan likely won’t cover everything: Often things like acupuncture and cosmetic surgery are excluded, which means you’ll pay full price. Plus, dental and vision care usually require separate plans. However, your plan may help defray the cost of wellness-related expenses, like yoga class fees or a gym membership."},"right":{"quote":"The best way to find out what your health insurance includes is to ask for the Summary of Benefits and Coverage (SBC)."}},{"title":"3. How do various plans differ, and how do I know what I need?","left":{"para1":"Plans may differ based on the network of doctors and hospitals they include and the specific services and prescriptions they cover. The best way to determine whether your doctors are in-network is to call and ask them. You can also call the insurer or check its online directory. Your plan may also cover care from an out-of-network doctor or hospital. However, it may have a different payment structure, and you should make sure you understand the difference in pricing.","para2":"Costs between plans can vary too. Some charge higher premiums and pay more toward your care; on state and federal health insurance exchanges, these are designated platinum or gold. Others have lower premiums, and you are responsible for more of the care costs; on the exchanges, these are silver or bronze plans — and for those who are eligible, there are also so-called catastrophic plans. For more information on the various categories, see here.","para3":"Some plans are compatible with HSAs, which you can fund with income that won’t be subject to federal income tax, although state income taxes may apply. You can use the money in the HSA for any eligible out-of-pocket health costs, and the tax advantages can save you money. Learn more about HSAs from Bank of America."}},{"title":"4. How much will you actually pay?","left":{"para1":"Even if you never step foot in a doctor’s office, you have to pay your health insurance premium, an amount you owe periodically to the insurance company to keep your policy active. With an employer-provided plan, your portion of the premium might be deducted from your paychecks. If you buy a plan through a state or federal exchange, you might qualify for a tax credit that reduces the amount you pay. For the remainder, or if you buy directly from an insurer, you must send in a check or pay electronically.","para2":"When you actually go to a doctor, you’ll likely incur more costs. Currently, the law requires your insurer to cover certain preventive care visits and tests at no charge to you. But most other care results in a bill. Before you visit your doctor, check to see what’s covered so you don’t get caught off guard. Here’s how you and the insurer split those costs:","list":["Co-pays: This is a fixed dollar amount you pay for certain kinds of care. It might be $40 for each visit to a specialist or $100 if you go to an urgent care center.","Deductible: This is the amount you have to pay before the insurer starts to pay. Some plans have separate deductibles for certain kinds of care, such as prescription drugs.","Coinsurance: This is typically expressed as the percentage of the total negotiated cost that you must pay. It might be a different percentage for different types of services."],"gliffBox":{"content":"If your plan requires 20% coinsurance for diagnostic imagery, such as X-rays, MRIs and CT scans, and you get an MRI for a knee injury, here’s how the bill might break down, provided you’ve already reached your deductible for the year:","graphic1":{"dollarBillGraphic":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-dollar-bill-graphic-CSXd93d9034.png","alt":"dollar-bill-graphic.png"},"text":"Negotiated cost","amount":"$1,000"},"graphic2":{"personGraphic":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-person-graphic-CSX7af98c1e.png","alt":"person-graphic.png"},"text":"You pay","amount":"$200"},"graphic3":{"medicalCrossGraphic":{"src":"https://scripts.benefits.ml.bac-assets.com/cdn/publish/sparta/education/spa-assets/images/assets-images-site-bol-education-articles-medical-cross-graphic-CSX9ae222aa.png","alt":"medical-cross-graphic.png"},"text":"Insurer pays","amount":"$800"}}}},{"title":"5. What’s an out-of-pocket maximum?","left":{"para1":"That’s the highest amount you’ll be expected to cover in a year. Beyond that amount, the insurer picks up the cost of all covered benefits. Most plans are subject to a federal limit on how high out-of-pocket maximums can be for in-network services, although that may still be a hefty sum. Depending on the plan you choose, however, your out-of-pocket maximum may be lower. For out-of-network care, the out-of-pocket maximum has no mandated cap. The maximums can change annually, so please visit irs.gov for the latest information."}},{"title":"6. What if you’re between jobs?","left":{"para1":"Not having a job doesn’t mean not having health insurance. COBRA, the Consolidated Omnibus Budget Reconciliation Act, allows you to pay premiums for and keep your group health insurance whether you quit, lose your job or reduce hours. It usually lasts 18 months. You can learn more about COBRA here. As a possible alternative to COBRA, or if you’re seeking insurance on your own after COBRA expires, you should consider researching the available options under state and federal exchanges."}}],"learnMoreTitle":"Learn more and take action","learnMoreContent":["Whether you’ve just started contributing to a health savings account (HSA) or have had one for years, chances are it offers more savings power than you realize. Read this article to learn more.","Calculate the potential cost savings of an HSA. Try the Bank of America tool."],"footnotes":["This material should be regarded as general information on health-care considerations and is not intended to provide specific health-care advice. If you have questions regarding your particular health-care situation, please contact your health-care, legal or tax advisor."],"versionNumber":"4020890","versionNumberAria":"4 0 2 0 8 9 0","LINKS":{"betterMoneyHabits":{"ID":"betterMoneyHabits","content":"Better Money Habits®","URL":"https://bettermoneyhabits.bankofamerica.com/","TARGET":"_blank","REL":"noreferrer"},"learnMoreAboutHSA":{"ID":"learnMoreAboutHSA","content":"Learn more about HSAs from Bank of America","URL":"https://healthaccounts.bankofamerica.com/individuals-families.shtml","TARGET":"_blank","REL":"noreferrer"},"makingTheMostOfYourHSA":{"ID":"makingTheMostOfYourHSA","content":"Read this article to learn more","URL":"/education/articles/?Title=makingthemostofyourhsa-strategiesforeveryageandstage","TARGET":"_blank"},"bankOfAmericaTool":{"ID":"bankOfAmericaTool","content":"Bank of America tool","URL":"https://bofa.wealthmsi.com/hsa/","TARGET":"_blank","REL":"noreferrer"},"coverageonline":{"ID":"coverageonline","content":"online","URL":"https://www.healthcare.gov/get-coverage/","TARGET":"_blank","REL":"noreferrer"},"hre":{"ID":"hre","content":"here","URL":"https://www.healthcare.gov/choose-a-plan/plans-categories/","TARGET":"_blank","REL":"noreferrer"},"irsgov":{"ID":"irsgov","content":"irs.gov","URL":"https://www.irs.gov/","TARGET":"_blank","REL":"noreferrer"},"cobrahere":{"ID":"cobrahere","content":"here","URL":"https://www.dol.gov/general/topic/health-plans/cobra","TARGET":"_blank","REL":"noreferrer"}},"jcr":"copy/site/bol-education/data/en/your-pain-free-guide-to-health-insurance.json"}}