How Adding a Health Savings Account to Your Long Term Investing Strategy Can Help Guarantee a Retirement of Security, Longevity, & Luxury
We know how easy it is to be proud of your 401K. After all, you’ve worked your entire life for that nest egg, and you’ve done your homework in determining how to properly invest it. Your goal is a stable, ongoing income for your later years, and so far, you have been good about managing your contributions.
Long Term Investing
What you don’t know is that the investing power of a 401K can pale in comparison to the opportunities that are offered by a Health Savings Account. In fact, the unique tax advantages inherent in an HSA are making them one of the fastest growing investment vehicles in the country.
HSA for America is proud to employ some of the nation’s leading HSA experts in our pursuit to help more and more people improve their retirement plans through strategic health care planning. Whether you are ready to setup an HSA or you still need to find an HSA-qualified health insurance plan, our experienced team is standing by to get you the rest of the way there.
The Hard Truth: Medical Expenses in Retirement are NUTS
According to some estimates, an average American couple looking to retire in 2020 can expect to pay upwards of $390,000.00 in health care costs during retirement. No matter how well you have planned your long-term investment strategy, that’s a lot of cash, likely a bit more than you can handle without dipping into the speedboat fund.
The Easy Solution: HSAs & the “Triple Tax Advantage”
Health Savings Accounts are considered to be unmatched in the investing world because of what we call the Triple Tax Advantage. Simply put, the deposits, growth, and withdrawal of funds is all 100% tax free, as long as those funds are spent on qualifying medical expenses.
When you consider the above figure in estimating just how much your ongoing health care is going to costs, it makes immediate sense that an HSA should be the first place that you are stashing your money, not the last.
Compare Pricing on the Best HSA Plans Available
The “Best Investment Vehicle” of 2020
Maximizing your HSA contribution before contributing to a SEP, IRA, or 401K is just one of the long term investing strategies that we recommend to stretch your retirement dollars as far as possible. Your trusted advisor can walk you through the process of opening an HSA, or, if necessary, getting you signed up with an HSA-qualified insurance plan fast.
You can also visit HSA For America to get a free quote, or learn a little more about how Health Savings Accounts can bolster your retirement plan.
Here are some additional articles on healthsharing programs: Did You Receive Unemployment Benefits in 2021? Here’s How to Get $0 Health Insurance for the Next Two Years | Do You Know How to Keep Track of Your HSA Qualified Expenses?
Wiley is President of HSA for America. He believes that consumers should have choice and price transparency, so they can make the best healthcare decisions for their needs. Read more about Wiley on his Bio page.