Health Savings Accounts (HSAs) are a wonderful way to save money not just for future medical expenses but for retirement. They are triple-taxed advantaged. You get to deduct what you contribute on your federal taxes. Your contributions grow tax-free. As long as you spend the money on qualified medical expenses, you don’t pay any taxes when you spend your contributions. Once you are 65 years old you can spend the money on anything without paying a penalty, although you will pay income taxes.
There is a Los Angeles financial firm called HCR Wealth Advisors which can help people open an HSA as well as other financial vehicles. This firm was established in 1988 and has been helping individuals and families save for retirement and other financial goals. They point out financial risks to their clients and help them navigate tough situations in their lives such as selling a business, marrying, divorcing, and entering retirement.
HSAs are great for many reasons. People can save and invest money in them so that they can pay for medical needs. If those don’t arise the money can be used for retirement. People that are eligible for an HSA have annual deductibles of $1,350 a year for individuals and $2,700 a year for families. There are also annual contribution limits. An individual can stick $3,500 a year into their HSA account while families can put away $7,000 annually.
HSA Wealth Advisors wants to be in it for the long-haul with each of their clients. They work to develop trusting relationships with each of their client which take into account each client’s individual and family’s need and emotional make-up for risk. They have been helping clients for over 30 years.
They point out to clients that once a person has become age 65 they can take money out of their HSA for any reason and not pay any tax penalty. Most people that use an HSA as a financial tool can find great reasons for doing so but it is always best to consult with experts like HSA Financial Advisors.
HCR Wealth Advisors is not affiliated with this website.