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91% of HSA Participants Make This Blatant Mistake | Smart change: personal finance – Bollyinside

If you have an HSA, you may be tempted to tap your account when medical bills arise. But actually, a better strategy is to pay for your immediate healthcare bills if you can, and keep as much money as possible in your HSA. That way, you can invest that money and enjoy the tax-free gains we just talked about. Grow that balance

That’s important, because Fidelity estimates that the average opposite-gendered 65-year-old couple today will spend an outrageous $300,000 on healthcare costs in retirement. Reading between the lines, if you enter retirement with a host of preexisting health issues, you might spend even more.

Now you may be hesitant to invest the money in your HSA, either because you’re not sure how or you’re afraid of taking losses. But if you make a point to leave your HSA funds alone and keep that money invested until retirement rolls around, you could end up with quite a large sum of money at your disposal.

Having money available in an HSA could make it so your medical costs are more manageable. But if you want to retire with a pile of money in your HSA, then investing your savings is the way to go.

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Having money available in an HSA could make it so your medical costs are more manageable. But if you want to retire with a pile of money in your HSA, then investing your savings is the way to go.

Source: https://www.bollyinside.com/news/91-of-hsa-participants-make-this-blatant-mistake-smart-change-personal-finance

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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