You may be aware that health savings accounts (HSAs) are a great way to cover healthcare costs with pre-tax money. However, this tax-efficient savings account can also be used as a very important tool for financial independence. So, how can HSAs help you as you save for retirement? In this episode, I will be breaking down how HSAs work, what the best utilization of an HSA is, and who should be considering taking advantage of this little-known tool.
Listen in as I explain how this account changes when you reach retirement age and why you should not be concerned that you may not spend all the money in this account. You will learn how to ensure your funds within your HSA are invested efficiently, how to use your HSA for past medical bills and the importance of always keeping records of your medical bills.
** This is a re-release of episode 171**
What You’ll Learn In Today’s Episode:
- How to use an HSA to accelerate your journey to financial independence.
- How to keep your retirement savings tax optimized.
- The importance of taking into account your healthcare needs first.
- How an HSA works.
- The best way to use an HSA.
- The benefit of keeping records for any medical bill you incur in your life.
Ideas Worth Sharing:
Resources In Today’s Episode:
- Qualifying Healthcare Expenses
- “Can You Save Too Much in a Health Savings Account?” by Christine Benz
- APM Success YouTube
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