This Single Expense Could Cost You $662,156 in Retirement – Buffalo News

With an HSA, the funds you contribute go in tax-free. Any money you don’t need to withdraw for near-term healthcare expenses can be invested for added growth. Investment gains in an HSA are tax-free, and withdrawals are tax-free, provided that money is used to cover the cost of qualified healthcare expenses.

Now the downside of HSAs is that not everyone is eligible to participate in one. To qualify, you must be enrolled in a high-deductible health insurance plan, the definition of which changes every year. Right now, that means a minimum deductible of $1,400 for self-only coverage, and a minimum deductible of $2,800 for family level coverage.

Don’t underestimate your senior healthcare costs

HealthView’s recent estimate is higher than some of the other numbers out there. But that’s not necessarily a bad thing, because it’s better to err on the side of saving more for medical care in retirement than less.

If you have an HSA, do your best to max it out so healthcare is less of a financial concern down the line. And if you don’t qualify for an HSA, make sure to put extra money into your IRA or 401(k) to make up for that.

The $18,984 Social Security bonus most retirees completely overlook

If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $18,984 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.

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