Do you have a tax-efficient retirement income strategy that maximizes your after-tax wealth? HSA accounts can be an important part of this strategy. You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to
Are you utilizing the most tax-advantaged retirement account currently available?
This account is called a Health Savings Account (otherwise known as an HSA). HSAs can offer retirees triple tax savings.
1. Tax Deduction on a Contribution
2. Tax Free Growth
3. Tax Free Withdrawals if used for qualified expenses
1, 2, 3 – Triple Tax Advantage
Right now, no other account can offer this to retirees!
In this video, we discuss all things Health Savings Accounts. We will talk through:
✅ What is an HSA and what are HSA benefits?
✅ How do the Triple Tax Savings work?
✅ What are HSA qualified expenses?
✅ What are the HSA rules and what is the 2021 HSA max contribution limit
#HealthSavingsAccount #RetirementTaxPlanning
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A Health Savings Account (HSA) is a retirement account that offers triple-tax savings. It is a tax-advantaged savings account that allows individuals to save money for qualifying medical expenses on a pre-tax basis. The funds saved in an HSA are not subject to federal income tax at the time of deposit. The money can be used to pay for medical expenses such as doctor’s visits, prescription drugs, dental care and vision care.
The triple-tax savings comes from the fact that the money saved in an HSA is not subject to federal income tax at the time of deposit, is not subject to state income tax in many states, and is not subject to Social Security and Medicare taxes. This tax savings can add up over time and can be a great way to save for retirement.
To be eligible for an HSA, you must be enrolled in a high-deductible health plan (HDHP). An HDHP is a type of health insurance plan with a lower premium and higher annual deductible than a traditional health insurance plan. The deductible must be at least $1,400 for an individual and $2,800 for a family.
Contributions to an HSA are made with after-tax dollars, but the money can be withdrawn tax-free to pay for qualified medical expenses. The money can also be invested in stocks, bonds and mutual funds. Any earnings on the investments are tax-free, and withdrawals for qualified medical expenses are also tax-free.
HSAs can be a great way to save for retirement, as the money saved can be used to pay for medical expenses in retirement. They are also a great way to save for medical expenses now, as the money can be withdrawn tax-free for qualified medical expenses. For those who are eligible, an HSA can be a great way to save for both retirement and medical expenses.
My state has an ACA option that qualifies for an HSA. If I withdraw investment income to contribute to an HSA, do the taxable gains I can "write off" count towards my MAGI? Do I risk losing the healthcare subsidy? Thanks!
This channel has been so helpful. I'm happy to be a subscriber.
I wish that you didn’t have to have a high deductible health plan to have an HSA.
So are you saying if you're on an employer sponsored health plan that isn't a high deductible plan, you can't contribute to an HSA?
How do you get $9200? The max is $7300 plus a catch-up of $1000.
Just an FYI, The ACA for Ohio residents does offer several HSA qualified health insurance plans – I usually get one
You can add the $1000 catch-up for the year you turn 55, even if you turn 55 on December 31st.
Can you elaborate on the HSA Rollover? Can that be used like a catchup?
Good video …I have been waiting for this topic. My wife still working, 58, if she opens an HSA, can we use this fund to pay my Medicare contribution ( am 66,$320/month Medicare contribution )