As They Increase In Importance, Be Aware Of These Health Savings Account Pitfalls

2017-07-02 15_59_43-Gray and Orange Backpack Worn by Man at Mountain · Free Stock PhotoAs Republican lawmakers haggle over the details of their Obamacare replacement plan, one thing that is certain is that, whatever the final product ends up being, health savings accounts (HSAs) will be a major component. And with them offering a “tax trifecta” of pre-tax contributions, tax-free growth and tax-free withdrawals (for qualified medical expenses), the use of HSAs has already been growing fast. But the author of today’s article cautions that there are some lesser-known HSA pitfalls people need to be aware of. To find out what these are – including why “unlike most personal-finance situations, with an HSA it may not be better to shop around” – CLICK HERE.

Retirement Saving Boon Or Financial Doom? The Skinny On Republican-Favored Health Savings Accounts

2017-01-31 20_00_23-Films & TVThe specifics of the Republican healthcare plan that will replace Obamacare remain unknown (including – apparently – to Republicans themselves). However, President Trump has stated that a key component of the plan will be expanding the use of Republican-favored Health Savings Accounts. As such, the author of today’s article advises that now is the time to become familiar with the ins and outs of HSAs. Who is likely to benefit from this expansion of HSAs when it comes to retirement saving and who does this trend spell financial trouble for? CLICK HERE to find out.

Will Trump Be A Boon For Health Savings Accounts?

2016-11-20 19_38_46-Morguefile free photographs for commercial useToday’s article looks at how health savings accounts (HSAs) – already seeing significant growth in popularity – may flourish even more under president-elect Trump and Republican lawmakers. Specifically, the article looks at the proposals Trump and Congressional Republicans have for HSAs and how – if enacted – “people who use these tax-advantaged plans to pay for health costs as well as investors who treat HSAs as another retirement option could benefit.” To see what Trump and the GOP are proposing in regards to HSAs – including increasing contribution limits and making it easier to pass them onto heirs – CLICK HERE.

Bypassing Potential Retirement Savings Caps

2016-07-17 free stock photosWhile we frequently hear and read about how most Americans are not saving enough for retirement, those fortunate enough to have lots of money to sock away in retirement accounts may be facing a problem of their own. Today’s article examines the increasing number of “proposals to stunt the growth of outsized retirement accounts”, including those contained in President Obama’s proposed budget for the 2017 fiscal year. So, in the event that any of these proposals come into being, what work-arounds exist for those who are flush with cash? The author outlines four such work-arounds – nonqualified deferred compensation plans, after-tax contributions to a 401(k), health savings accounts and backdoor Roths. To read about the ins and outs of each of these options, CLICK HERE.

Are Health Savings Accounts The Real “Holy Grail” Of Retirement Savings Vehicles?

2016-06-16 20_52_17-Films & TVWith it being so often repeated that the key to a secure retirement is to start saving early and put enough into your 401(k) to get your employer’s match, today’s article argues that many investors are overlooking (or underutilizing) another important savings tool – health savings accounts: “According to some advisors, HSAs are also the Holy Grail of savings vehicles because of their rare triple-tax benefit. Contributions to HSAs are made with pretax dollars (in most states), assets grow tax-free, and distributions are tax-free if used to pay for qualified medical expenses or as reimbursement for such expenses.” Can you amass more wealth by contributing to a HSA first before contributing to your 401(k)? CLICK HERE to read more.