Health Savings Account (HSA): Helpful for Older People?
Health Savings Account (HSA): Helpful for Older People? So, if you're not sick very often, you may accumulate a lot of money in the HSA. Then, once you turn 65, you can start pulling money out of it each year as income. Your withdrawals are taxable, but won't it be nice to have another stream of income when you retire. Think of it as your "Healthy Life Reward Account." The healthier you are in your life, the more money you'll have left in your HSA. It could be tens of thousands of dollars! If you are over 55 but younger than 65, you get even more benefits for your HSA. You are eligible for something called "catch up contributions." This means that you can put more money into this tax-deferred account than those of us under 55. « Previous Page « » Discuss it » Continue Reading »
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