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While a Health Savings Account (HSA) funds qualified medical expenses in a tax-advantaged way, it may also serve as a supplemental source of retirement income. Here’s how.
You may contribute another $1,000 annually beginning in the year you reach age 55. When both spouses are at least 55, they must have separate HSA accounts if they each want to contribute the maximum. In 2018, single taxpayers can add another $50 to their HSA and joint filers may add an extra $150.
Earnings on an HSA account balance grow tax-free and distributions taken for qualified medical expenses are tax-free. At any age, you may roll over the remaining balance from year to year.
Although Congress has talked about increasing the amount you can contribute to an HSA, the current limits are generous enough not to pass up. Consider contributing to your health – and your retirement.
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