Happy Friday readers! This weekend’s newsletter considers the role of health savings accounts, or HSAs, in the retirement planning effort. Survey and anecdotal evidence shows Baby Boomers, Gen X and Millennials alike anticipate major challenges paying for health care post-employment. HSAs, however, present an opportunity to leverage the power of compounding and market returns to ease the burden.
HSAs are gaining more acceptance as concerns about health care costs in retirement increase, and interestingly, they seem to be following a similar path as 401(k) plan growth.
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The three biggest retirement-related financial worries for most Americans are a costly health issue affecting them or a loved one; inflation; and having too little money to do what they would like.
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According to research by Fidelity, couples who retired in 2016 can expect to pay $260,000 on health care throughout retirement or 6% more than the previous year’s estimate.
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Most participants are taking advantage of the combined benefits an HSA and 401(k) have to offer, but there is still a gap in knowledge of HSA basics among participants.
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