Use this calculator to help you determine how much your Health Savings Account (HSA) will be worth over time. Fine tune your plan by seeing what happens if you make changes to your HSA savings plan.
Save for healthcare costs, AND boost your retirement savings. Here's how.
With health care costs consistently on the rise, and the uncertainty of the health care environment, it’s more important than ever to adequately save for health care costs and retirement. We’ll help you get there.
Participation in a health savings account allows you to save pre-tax dollars to prepare for retirement. Although your funds can be used to pay for immediate healthcare expenses tax-free, you can save the money for healthcare expenses later in life. You can continue to contribute year after year and withdrawals can be made at any point in time. Whether you withdraw the money tomorrow, five years from now, or in retirement, funds used for qualified healthcare expenses are always tax-free when you save your receipt. In addition, once you reach age 65, you can use your HSA similar to a 401(k) and withdrawal funds for any purpose without penalty but still subject to taxes.
Are you considering using a Health Savings Account (HSA) as a retirement account? Do you have an amount in mind that you want to carry over into retirement? This calculator will help you determine what you need to do in order to reach your goal.