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So in this example, if you know you intend to enroll at age 67, you should halt HSA contributions at 66 1/2. However, this rule only applies if you're signing up for Medicare after age 65.
You can withdraw HSA money tax-free for any reason after turning 65 The first thing to know is that you’re allowed to withdraw money penalty-free from your HSA for any reason after 65.
While the amount you can contribute each year to an HSA is lower than that of 401(k)s and IRAs, it still gives a nice boost to your retirement planning. Catch-up contributions are also available ...
Saving for retirement will get a modest boost in 2025 thanks to higher contribution limits and the phase-in of provisions stemming from the Secure 2.0 Act, which became law at the end of 2023.
She turns 65 years old in June 2024 and enrolls in Medicare but keeps making her $500 monthly HSA contributions. Mary will owe back taxes on the $4,000 she contributed between June and December.
Whether you’re considering opening a Health Savings Account (HSA) or have been enjoying the benefits for years, there are some upcoming changes to this account for 2025. Changes include an ...
A health savings account (an HSA) is a form of tax-advantaged retirement account designed for healthcare spending. You can make contributions to your account at any time so long as you aren't ...
Health savings accounts, or HSAs, have higher contribution limits in 2025, allowing you to save more for health care expenses if you’re using a high-deductible health care plan.