It goes without saying that saving for retirement is important, but do you know what kinds of accounts are available to help you do so? Today I’m going to be talking about Health Savings Accounts (HSAs), as well as a couple of other retirement planning accounts so you can start putting together a strategy for your future.
Listen in as I break down the basics of the different retirement savings accounts out there, as well as the potential tax advantages they can offer. You’ll learn how you can leverage an HSA, how to avoid withdrawal penalties, and which type of account is the “Swiss Army knife” of tax advantage accounts.
Listen to the Full Episode:
What You’ll Learn In Today’s Episode:
- What a Health Savings Account (HSA) is and who it’s for.
- How you can leverage an HSA.
- Which type of account is the “Swiss Army knife” of tax advantage accounts.
- How to invest using your HSA.
- Understanding how to weigh the pros and cons of an HSA vs. PPO or HMO.
- How to avoid withdrawal penalties.
- Tax advantages included in retirement investing.
Ideas Worth Sharing:
“This account is tax deductible to put money in, it grows tax free, and then these funds can be withdrawn if used for qualified medical expenses.” – Jonathan Bednar
“If you save receipts along the way, you can pay yourself back at any time. You can buy a prescription, save the receipt for 20 years, and then choose to reimburse yourself down the road.” – Jonathan Bednar
“You’re going to want to take pictures of these receipts and store them somewhere so that when you do take withdrawals, you can prove that they were used for eligible expenses.” – Jonathan Bednar
Resources In Today’s Episode:
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