Summary
Health savings accounts (HSAs) can become powerful retirement savings tools when account holders invest rather than spend their balances on current medical bills. Unlike traditional retirement accounts, HSAs offer triple tax benefits: tax-deductible contributions, tax-free investment growth, and tax-free withdrawals for qualified healthcare expenses. Financial experts say people who can pay medical costs out of pocket should let HSA funds compound for future healthcare needs, which often become one of retirement’s biggest expenses. After age 65, non-medical withdrawals avoid penalties, though they are taxed as income. Many savers, however, still keep HSA money in cash and miss long-term growth opportunities.
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