HSAs: Powerful Retirement Savings Tool

Unlock the Power of HSAs for Retirement: A Tax-Advantaged Savings StrategyHSAs, often seen as mere medical bill payers, can be a game-changer for long-term savings, especially retirement. With a triple-tax advantage, contributions, growth, and withdrawals for medical expenses are all tax-free. After 65, HSAs can even outshine traditional IRAs or 401(k)s for medical costs. To open an HSA, you need a high-deductible health plan. Contribution limits for 2025 are $8,550 (family) and $4,300 (individual), increasing in 2026. Those aged 55+ can add an extra $1,000 annually. By leveraging these benefits, HSAs can become a crucial part of your financial plan, offering a tax-efficient way to save for future healthcare needs and boost retirement income.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.