Health Savings Accounts are a superb strategy to construct a second retirement account. These tax-favored accounts, which have only been accessible due to the fact January of 2004, maybe opened by anyone having a qualifying high-deductible overall health insurance strategy. When you open an HSA account, you can spot tax-deductible contributions into it, which grow tax-deferred like an IRA. You might withdraw money tax-free to pay for health-related costs at any time.
The biggest purpose much many men and women never retire before age 65 is the lack of overall health insurance, and numerous Americans attain age 65 woefully unprepared for the medical costs they’ll face after they do retire. One of probably the most important long-term causes for establishing an HSA will be to construct up some income for medical expenses incurred for the duration of retirement.
Fidelity Investments reports that the average couple retiring in 2006 will have … Read More