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The first thing to know is that you’re allowed to withdraw money penalty-free from your HSA for any reason after 65. Before that time, if you withdraw money other than for qualifying medical ...
Withdrawals for qualified medical expenses are tax-free at any age but once you reach age 65, you can use your HSA money for any reason as long as you pay taxes on withdrawals used for non-medical ...
Non-Medical Withdrawals After Age 65. The last benefit that’s unique to an HSA, according to Kevin Shahnazari, founder of FinlyWealth, is that after age 65, HSA funds can be withdrawn for non ...
Save now through a Health Savings Account (HSA) An HSA works similarly to a retirement account such as a 401(k) , but the money can be withdrawn tax-free to pay for qualified medical expenses.
A taxpayer can generally make contributions to a health savings account for a given tax year until the deadline for filing the individual's income tax returns for that year, which is typically April 15. [25] All contributions to a health savings account from both the employer and the employee count toward the annual maximum.
Image source: Getty Images. But many people opt to treat HSAs as retirement plans because funds in these accounts don't need to be used up by a specific deadline. You can contribute to an HSA at ...
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