Building A Stronger Retirement
(NAPSI)—With each generation’s expected retirement time growing longer and longer, you may need to plan for 20 to 30 years of life after you stop working. And when it comes to ways to save for the future, many Americans think first of the 401(k), the most popular and well-known retirement savings option.
Saving for Your Health
Lesser known—and understood—is another way to save for your future: the Health Savings Account (HSA). With rising healthcare costs that can exceed $10,000 annually during the retirement years, HSAs are gaining more recognition as a smart way to complement 401(k)s and other retirement savings options by helping you plan and save for healthcare costs encountered now and in the future.
The Foundation
Traditional 401(k) plans are popular retirement vehicles for several reasons:
•Tax advantages: 401(k) contributions are taken out of your paycheck before federal taxes are withheld, which lowers your taxable income. Contributions are also tax-deferred until you withdraw them.
•More control: You can contribute as much as you want to a 401(k) within your plan and IRS limits, and you can change your contribution at any time.
•Compound interest: The earlier you start investing in a 401(k), the more time your money has to grow.
•It moves with you: The money in your 401(k) belongs to you—even if you change jobs, you can keep your money invested and growing.
•Ease of use: 401(k)s are easy to contribute to, with many employers offering automatic payroll deductions.
Add More Stability and Strength
with an HSA
If you save in your HSA as well as a 401(k), you can take advantage of three unique benefits:
1.Triple-tax advantage: No federal taxes on contributions, withdrawals for qualified medical expenses, or investment earnings
2.Build long-term healthcare and retirement savings: Especially with HSA Bank’s self-directed investment options
3.No “use it or lose it”: Investment balances carry over from year to year and grow tax-free (just like the HSA cash account)
Save for Expenses
Tax-free HSA fund withdrawals are limited to IRS-qualified medical expenses, but there’s a lengthy list of future healthcare costs your HSA can pay for, so your 401(k) funds don’t have to. These include everything from acupuncture to a wheelchair and many things in between.
Learn More
For further facts and tips on HSAs and planning your retirement, go to www.hsabank.com.
On the Net:North American Precis Syndicate, Inc.(NAPSI)
Get Top Stories Delivered Weekly
Recent The Scribe News Articles
Discuss This Article
MOST POPULAR THE SCRIBE
GET TOP STORIES DELIVERED WEEKLY
FOLLOW OUR NEWSPAPER
LATEST THE SCRIBE NEWS
- The Scribe Online Podcast - Police Militarization, School Shootings, and...
- T.I. Releases His Ninth Studio Album
- Houdini’s best trick is... disappointing its audience
- Dynasty Warriors: Gundam Reborn Improves The Series!
- Mary Lambert Wears Her Heart On Her Sleeve
- Swingin' With The S.H.I.E.L.D.
- Dynasty Warriors Presents: The Legend of Zelda
RECENT THE SCRIBE CLASSIFIEDS
OUTSIDE THE LINES
- Salonpas® Brand Stands the Test of Time
- Tips to “Yard Your Way” This Spring
- Upgraded Upstate Power Grid Will Deliver a Smarter,...
- A Story To Sing About
- The Gap in Gum Care: Why Caring For Your Teeth’s F...
- Top Tips for Signature Scents and Better-Smelling Laundry
- A Dog Trainer’s Top Tips to Support Pets Through Life S...
- Clear the Air of Indoor Pollutants This Spring
- Stroke & Dementia in Black Men: Tips for Staying Healthy...
- Hispanics and African Americans at Higher Risk for Eye...
FROM AROUND THE WEB
- New Expo Showcases AI Innovation
- Self-Care and Mental Health Tips for Caregivers
- Adventure Awaits: Discover the Playset that Brings...
- Need Auto Glass Repair? Don’t Despair
- Pioneering Fast and Affordable Broadband for the Underserved
- 7 Reasons Renting an RV Should Be On Every Family’s S...
- Don’t Let Diabetes Shortchange Your Golden Years
- No Child is Forgotten By Marine Toys for Tots
- Sweeten Your Springtime Salads With Healthy Chilean Grapes
- Young Author Translates 4,000-Year-Old Text to Reveal...