What do you think of Health Savings Accounts (HSAs) as a retirement tool?

Senior Financial Advisor, Kevin Miller, discusses the benefit of using funds in an HSA for retirement, versus leaving funds in place.

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Akweli Parker: Oh, I do want to take this one. It comes to us from Eiko who asks, “What do you think of HSAs as a retirement tool?” Now we’ve seen, HSAs have been in the news a lot. It’s this fantastic, not new thing, but people seem to be discovering their benefits. What are your thoughts on those healthcare spending accounts?

Kevin Miller: Yes, they can be in terms of, for someone that’s able to save in the account, get the growth, I would always caution some accounts here. They give you the ability to invest in things other than just a money market position. So you’d want to be careful if you think you’re going to need that money for expenses, not putting it in something that’s too risky. But, you know, the benefits of then using that money for healthcare costs in the future, yes, there can be some significant benefits there.

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