Saving for the future is a worry that plagues most working individuals, but there may be some less traditional and more secretive options available to those who know how to research. In hew new blog post, Mary Kane explains what a health savings account is, how tax factors into the account, and what type of requirements you need to meet before being allowed to open this type of account. Be proactive, it never hurts to at least check with your employer to see if one is available.
- HSAs allow very good tax-free savings, growth, and medical disbursement.
- HSAs can be used along with Social Security and 401ks for a smart retirement savings strategy.
- People who are closer to retirement can add a “catch up” sum to grow their accounts.
“And financial advisers increasingly see them as a savvy strategy for stashing money away for your post-working life.”