Phantasm
Banned
The tax benefits and versatility of HSAs make them vital for retirement planning. HSAs are triple tax advantaged, which means contributions are deductible from income, it grows on a tax-free basis, distributions can be taken out free of taxes for medical expenses. Unlike FSAs, HSA funds do not expire so they can accumulate over time for long-term savings. They can even pay Medicare premiums and supplement retirement income later in life. However, once an individual reaches the age of 65 the withdrawals may be used for anything but non-medical withdrawals are taxed. Additionally, if the beneficiary uses this money to pay eligible medical bills after his or her death no estate taxes will have to be paid on it.” By implementing an HSA in retirement plan one gains certain advantages related to taxation, investment opportunities as well as managing health care costs flexibility . For personalized strategies based on your financial situation and retirement goals you should seek advice from a financial advisor’s office now.”
