Retirement Uses for your Health Savings Account (HSA)

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 15 September 2020

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

James introduces the problem of saving for medical expenses in retirement and explains the concept of the Health Savings Account. In this brief episode, James lays out some of the basics of the HSA, including its framework and operation. James points out that the HSA is one of the easiest ways to save and accumulate money tax-free, whether saving for health expenses or not. He encourages listeners to consider an HSA for retirement spending needs because of its easy growth. He mentions...

Transcript

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0:00.0	Discover the tips and strategies that will help you achieve your retirement goals.
0:09.3	I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.
0:14.6	It all starts right here on Ready for Retirement. for retirement.
0:27.2	Hi, everyone.
0:29.0	Welcome back to another episode of Ready for Retirement.
0:30.2	I'm your host, James Cannell.
0:32.6	Today's topic is going to be about the,
0:35.7	what's commonly listed is the top retirement concern for most Americans.
0:37.9	And that is medical expenses.
0:42.3	So according to many different surveys, regardless of which one you look at, consistently,
0:45.8	the cost to paying for medical expenses is going to be listed as many people's top concern going into retirement. This is why many people delay retirement until 65, even if they
0:50.8	could, in many cases, afford retirement earlier. That's when Medicare kicks in.
0:54.4	And it's something that people are concerned about, not just the cost of Medicare or medical
0:58.4	expenses, but really the increasing cost of it and how they can afford that over potentially
1:03.6	a two to three decade long retirement. So on today's episode, we're going to talk about a very
1:07.7	simple tool that you can use, especially of a few years before
1:10.9	retirement, to begin planning for that. So you can ease some of your concerns going into retirement.
1:15.8	And that tool is called a health savings account. You might hear it referred to as an HSA, so a health
1:21.7	savings account. And we're going to start by just talking about what is a health savings account,
1:25.4	how does it work, what are some of the benefits? And then let's talk about how that applies to retirement and your retirement strategy
1:31.0	and one thing that I think you should do that most people don't do when it comes to their
1:34.8	HSAs and how they use them. So let's get started. A health savings account is really just a tax
	...

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