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An HSA is a tax-advantaged savings account that you’re only eligible to contribute to if you’re enrolled in an HDHP. HSAs are considered triple-tax advantaged because:
You can contribute a total of $31,000 for 2025, including the $7,500 catch-up contribution. If you’re aged 60 to 63, your catch-up limit increases to $11,250 for 2025.
From there, you can plan your strategy for managing HSA contributions each year. Retirement Planning Tips If you have access to an HSA it's important to review your investment options carefully.
Tips to get it done: It’s wise to wait at least a few days after the contribution to make a conversion. To make sure you don’t forget, schedule the conversion date on your calendar at the same time you make the contribution. Pain point 3: Investing health savings account assets
For the 2025 tax year, if you’re 50 or older, you can contribute an additional $7,500 to an eligible employee retirement account, for a total of $31,000 per year. Eligible accounts include: 401(k)s
While the amount you can contribute each year to an HSA is lower than that of 401(k)s and IRAs, it still gives a nice boost to your retirement planning. Catch-up contributions are also available ...
Contributions to an HSA account can also be invested and grow tax-free. According to Bank of America’s 3Q 2024 Participant Pulse study, the average HSA account balance at the end of Sept. 2024 ...
If you have an HSA through your employer, you can set up automatic contributions to the account from your paycheck. In 2023, the maximum HSA contribution is $3,850 for individuals and $7,750 for ...