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Pros. Cons. If you change jobs, you can take your account with you. Withdrawals for non-medical and non-qualified medical expenses are subject to a 20% tax penalty.
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 ...
A health savings account, or HSA, is an account you can use to pay for medical expenses. One of its main benefits is that there is no tax on the funds, whether kept in the account or withdrawn to ...
After the age of 65, you can take penalty-free withdrawals for any purpose, although you won’t enjoy the tax benefits if you use the money for living expenses or other purposes.
If HSA funds are used for anything other than qualifying medical expenses, you’ll owe taxes on the withdrawal, plus a 20 percent tax penalty. After age 65, you’ll still owe the taxes but not ...
However, the kicker in terms of retirement planning is that once you reach age 65, you can withdraw your HSA money for any reason at all without having to pay a penalty. When used for non ...
However, the kicker in terms of retirement planning is that once you reach age 65, you can withdraw your HSA money for any reason at all without having to pay a penalty. When used for non ...
Withdraw for non-medical expenses: Once you’re 65 or older, you can withdraw money for non-medical expenses, subject to ordinary income tax. However, the 20 percent penalty for non-medical ...