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Health savings accounts (HSAs) and 401(k) accounts are both savings vehicles that offer substantial tax benefits for people planning for retirement. Beyond that, there are significant differences ...
For 2023, employees can contribute up to $22,500 to a 401(k) plan, or $30,000 if they are age 50 or older. HSAs, on the other hand, have contribution limits of just $3,850 for an individual, or ...
HSA funds can be invested for tax-free gains, and HSA withdrawals used for qualifying medical expenses are tax-free. It's worth noting that an HSA isn't strictly a retirement savings plan.
Among individual plan holders, 51% were under age 40, and 49% were age 40 or over. The top five states with health savings account/high-deductible health plan enrollment were California (1 million), Texas (0.76 million), Illinois (0.72 million), Ohio (0.66 million), and Florida (0.54 million).
Continue reading → The post HSA vs. 401(k) appeared first on SmartAsset Blog. Two of the most common vehicles for building savings are the 401(k) and the health savings account, or HSA. While ...
HSA vs. flexible spending account (FSA) HSAs and FSAs have similarities and differences. Here is a comparison of the two to help you decide which option is more suited to your needs and goals.