HSA Retirement Calculator
In addition to traditional retirement savings accounts, an HSA can be another source of funds to help cover the rising costs of healthcare in retirement. The ability to carry HSA funds over if not used in the current year plays a big part in utilizing this account for retirement savings. Our HSA retirement calculator helps you figure out how much you should contribute to your HSA to meet a specific goal amount at retirement.
What is an HSA?
A Health Savings Account, or HSA, is a tax-advantaged account you can use to pay qualified medical expenses. Contributions made to an HSA are tax deductible and there are no income or phase-out restrictions. As insurance premiums and deductibles rise, the need to save specifically for medical costs becomes greater. HSAs are rapidly gaining popularity with the self-employed and small-business owners.
News Steps
Fifth Third can help you open an HSA to start saving and paying for current and future healthcare costs. Learn more about our Health Savings Accounts. Questions? Call us at 1-866-350-5353.
Additional Resources
Get the Most from Your HSA
Every dollar you contribute to an HSA and spend on eligible health and medical expenses is pre-tax, meaning you can essentially pay your medical bills with pre-tax money. Those are significant savings, no matter what tax bracket you're in.
The HSA Another Retirement Savings Tool
Heath savings accounts (HSA) are a versatile savings vehicle, including being able to be used for additional retirement savings.
Benefits of a Health Savings Account
Investing in a savings account has many benefits. Major life events, such as paying for college tuition or retirement, are probably at the top of your list of reasons to save. Due to the rising costs and uncertainty of health-care, you may want to think about opening a Health Savings Account.