Health savings accounts (HSAs) offer unique tax advantages that make them well-suited as a supplement to traditional retirement planning. HSAs are actually more tax efficient than traditional retirement plans (401(k) plans, IRAs, etc.), making them the best way to plan for future health care expenses in retirement. Many Americans assume that Medicare is free and will cover all their health care expenses in retirement, but interactions between Social Security and Medicare can create additional challenges. In this two-hour program, we will provide insights into how to leverage the tax advantages of HSAs to plan for health care expenses in retirement.
Learning Objectives
- Advise clients on the retirement planning aspects of HSAs
- Evaluate the effectiveness of these trending plans, continuously increasing in popularity, for your own needs
Major Topics
- Triple tax advantages
- HSA tax advantages vs. other savings options/retirement plans
- Maximizing HSA contributions
- Long-term investment potential of HSAs
- Tax-free transfer of assets at HSA owner’s death
- HSAs as a retirement planning opportunity
- Savings goals
- Retirement perceptions and realities: common financial preparedness concerns, health care costs in retirement, Medicare misconceptions, and Medicare income-based premiums
- HSA funding strategies and pro tips
