How Contributing to Your HSA Can Add to Your Retirement
“Hey, what’s with all of the Pre-hysterics!” Your sweet new gig at Jurassic World has you frantic about keeping your retirement savings safe. We get it. Every time you turn around, someone is trying to bite your head off! Well, you need to escape out of there. But first, we’ve got a bone to pick with you. You should be using your HSA (Health Savings Account) toward your retirement plan if you want a T-Rex sized nest egg for your future.
We, at Achieve Financial Group, are going to get in our Jeep Wrangler and drive down to the theme park where we can rap to you about boosting your retirement savings by contributing to your HSA like an IRA or 401k:The money in your HSA account grows tax free.
- Your family can contribute up to $6,450 per year with a health plan deductible of $2,500
- With the “catch-up provision” you can stash $1,000 a year if you’re 55 or older.
- You can roll over HSA funds from year to year.
- Besides keeping it cash, you can purchase a mutual funds or other investment.
- An HSA is not tied to an employer; in some cases, it can be opened anywhere.
- You can withdraw the funds tax-free at any time for qualified medical expenses.
You may have some paleo pitfalls, but at least you’re no longer petrified about your HSA and your retirement savings. Now, stop acting like a fossil and make some moves. One day your job may be extinct, but your retirement plan will be well- preserved. #AchieveMore in 2018.