Health savings plans are fantastic tools that can lessen the burden of health care costs now and in the future when you retire. To qualify to contribute to a health savings plan, you must be enrolled in a high-deductible healthcare plan (HDHP). And, while the HDHP covers you for catastrophic medical issues, the HSA funds can be used for most other qualified medical costs. When used together, the HDHP and HSA can be incredibly beneficial in covering most of your health care needs.
Health savings accounts (HSAs) are nifty little tools that can make a big impact on retirement planning. As health care expenses continue to rise and the cost of insurance increases—these plans offer a great way to supplement retirement income and to help pay for medical expenses in your golden years.
Self-directed IRAs are becoming more widely known and appreciated. In fact, some report that self-directed accounts are evolving into quite the trend among savvy investors. However, investors that use these accounts to build tax-free or tax-deferred income for retirement would probably tell you these accounts are not merely a trend—but a solid tool used to diversify their portfolios and gain control of their own investing funds and decisions.
There is plenty of good news for many retirement and other savings plan holders regarding 2015 contribution limits. While traditional and Roth IRAs contributions remain the same as 2014, other plans see an increase in limits—and every little bit counts!
Topics: Educational Savings Accounts (ESA), Roth IRAs, Self-Directed IRA, SEP IRA, SIMPLE IRA, Single Member LLC / Checkbook IRA, Health Savings Account (HSA), Contributions & Distributions, Traditional IRA