Save for Retirement with … a Health Savings Account?
| posted in Blog, NewsletterHealth savings accounts are a proven tool in reining in health care costs. But many Americans are also discovering their tremendous value as retirement savings vehicles, as well. Here’s why: When used properly, contributions to HSAs have the potential to combine tax-deductible contributions, tax deferral, and tax-free reimbursements for medical expenses in retirement (after reaching 65). In addition, taxpayers can access these funds tax-free for qualified medical expenses at any time. HSA benefits: No penalty for withdrawals prior to age 59½ if they are made to pay qualified medical expenses. Withdrawals to pay medical expenses are tax-free. All unused funds…
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