Employers continue to drive HSA growth while reaping win-win benefits—and changing the landscape of 401(k) contributions.
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In its latest survey, Fidelity Investments pegged the cost of health care in retirement at $300,000 for a hypothetical couple aged 65. It estimates the cost for a single woman at $157,000 and for a man at $143,000. The $300,000 represents an 88% increase from Fidelity’s first survey in 2002 and an increase of 30% over the past 10 years.
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It's no secret that medical care is expensive. But will it end up costing more than you anticipate during your senior years?
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Health savings accounts (HSAs) are the best retirement planning tool available, and there’s a little-known legal trick that can help fully fund an HSA.
Some people who borrowed or withdrew funds from their workplace retirement accounts in 2020 took out more than they needed, thereby unnecessarily paying additional taxes and depleting their balances. Some had another option.
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Fidelity’s latest analysis shows people often underestimate the potential cost of health care in retirement, even after two decades of watching health care costs increase year-over-year.
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Will they ever be unbound from high-deductible plans? Should participants invest or spend HSA funds? What are the latest trends for employers to know?
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Your Health Savings Account doesn't die when you do. But what happens to it when you're no longer alive?
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A recent article identifies five disadvantages of using only a 401(k) (or similar workplace-based plan) to save for retirement. Adding a Health Savings Account to the mix may ease some of those shortcomings.
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Now that Congress and the president have passed the nation's largest single spending bill ever (the American Relief Plan Act) and President Biden has proposed an additional $2 trillion in a bill that includes some infrastructure improvements and additional federal spending targeted at specific industries, the next big project in Washington DC may be healthcare reform.
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The deadline to contribute to individual retirement accounts and health savings accounts is May 17, the same day that individual federal income tax returns are due, the IRS said Monday.
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See the matrix of contribution limits.
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Healthcare can be expensive in retirement but also in the decades before — a Health Savings Account could minimize the blow when the medical bills arrive.
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Question: What is the difference between an HSA and a flex-spending account (FSA), and which is better?
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When it comes to saving for retirement, it’s hard to beat a 401(k) plan. The high contribution limits and employer match can really boost your savings. And if you have a retirement savings goal—like $1 million—that 401(k) can get you there much faster.
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You know a health savings account (HSA) helps pay for out-of-pocket medical costs, but it may surprise you to learn that this tax-advantaged account could be a superior retirement savings vehicle, too.
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Health savings accounts (HSAs) help you set aside money to pay for qualified medical expenses, but did you know they can also be a great tool for retirement planning?
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Rarely has health care been more top of mind than now, as Covid-19 ravages the U.S. and hospital costs shoot up. A health savings account (HSA) could help pay for those costs, and knowing what the best HSA accounts are for your particular situation could help you get the most benefit possible.
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Saving for retirement in multiple accounts is a smart move -- but set your priorities accordingly.
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You can roll over funds from an Individual Retirement Arrangement to a Health Savings Account. The rollover delivers some important benefits, but be sure to weigh the hidden costs before you decide to proceed.
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