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Benefits During Retirement. After 65, non-medical withdrawals are not subject to a 20% penalty. ... After age 65, you can use your HSA funds for non-medical expenses. ... which may be subject to ...
The first thing to know is that you’re allowed to withdraw money penalty-free from your HSA for any reason after 65. ... like a 401(k). Your money was contributed with pre-tax funds, it grew tax ...
However, the 20 percent penalty for non-medical expenses does not apply after age 65. Cover health care costs: You can use your HSA to fund health care needs like COBRA premiums or Medicare Parts ...
A Reddit user discussed whether to contribute to a 401(k) or HSA. ... non-medical purposes are penalty-free and just taxed at your ordinary income tax rate if the withdrawal is made after age 65 ...
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 ...
What is the minimum 401(k) withdrawal age? The minimum withdrawal age for a traditional 401(k) is technically 59½. ... A Roth 401(k) allows for withdrawals without penalty or taxes if you’re at ...
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