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Why she asked, should tax-deferred 529 savings accounts only pay for college tuition, books and such?

“If you have saved a lot of money in tax-deferred vehicles, and you haven’t planned to do either Roth conversions or spend down that money, you could wind up having a much larger monthly Medicare premium than you think,” Nawn says.

These tax-deferred accounts are often offered to government employees and may have more oversight and better investment choices, Otter says.

The investment side of the policy can grow with interest tax-deferred for as long as the money remains in the policy.

At age 73, you are required by the IRS to start taking required minimum distributions from tax-deferred retirement accounts.