The HSA Advantage: 5 Strategies for Retirement Success | The Limitless Retirement Podcast

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"By strategically contributing to your HSA throughout your working years, you can build up a substantial balance to help mitigate this impact of the rising health care costs that you're likely to face in retirement."

Unlock the full potential of your Health Savings Account and take control of your financial future as our host Danny Gudorf of Gudorf Financial Group, guides us through the world of HSAs on this edition of the Limitless Retirement Podcast. Prepare to have your eyes opened to the power of these accounts, not just for medical expenses but as a pivotal part of your retirement planning. Danny details the triple tax advantage of HSAs—how your contributions can lower your taxable income, your investments can grow tax-free, and your withdrawals can be tax-free when used for qualified medical expenses.

He also reveals five savvy strategies to supercharge your HSA's impact on your retirement readiness, including one that might just leave you in awe. By the end of this discussion, you'll be equipped with the knowledge and strategies to make your HSA a cornerstone of your retirement plan. And if any aspects leave you scratching your head, Gudorf Financial Group has your back!

Key Topics:

  • A Refresher on Health Savings Accounts (02:20)
  • #1: Covering Your Medical Expenses (08:17)
  • #2: Bridging the Gap to Medicare (10:40)
  • #3: Paying for Medicare Premiums (14:30)
  • #4: Addressing Long-Term Care Needs (16:49)
  • #5: Enjoying Flexibility for Non-Medical Expenses (20:02)
  • Wrap-Up and Takeaways (25:36)

Are you looking for a powerful financial tool to help you save on taxes and better prepare for healthcare expenses in retirement? Look no further than the Health Savings Account (HSA). For those eligible to contribute, an HSA offers unparalleled triple tax advantages that make it a true retirement savings game-changer.

In this comprehensive guide, we'll deep dive into five savvy strategies for maximizing your HSA and leveraging it to its full potential in retirement. Whether you're already contributing to an HSA or considering opening one, you won't want to miss these valuable tips. Let's get started!

Key Takeaways: Maximize Your HSA for a More Secure Retirement

Let's recap the top strategies we've covered for optimizing HSAs in retirement:

  1. Contribute as much as you can and reserve your HSA balance for retirement if possible, allowing it to compound over time.

  1. Use your HSA to bridge the gap to Medicare if you retire before 65 by paying COBRA or other health insurance premiums.

  1. Spend HSA funds tax-free on Medicare premiums for Part B, Part D, and Medicare Advantage plans starting at 65.

  1. Leverage your HSA to create a safety net for potential long-term care expenses either through LTC insurance or direct payments.

  1. After 65, your HSA can function like a traditional IRA for non-medical withdrawals without RMDs, although you'll maximize the tax benefits by using it mainly for healthcare costs.

HSA Basics: A Quick Refresher

Before we jump into the strategies, let's briefly review what an HSA is and how it works. An HSA is a special type of savings account designed to help you pay for out-of-pocket medical expenses for yourself, your spouse, and your dependents.

To be eligible to contribute to an HSA, you must be enrolled in a high-deductible health plan (HDHP). If your current health insurance has a low deductible or isn't HSA-qualified, you cannot open an HSA on your own. Check with your employer's HR department to confirm if your plan is HSA-eligible.

The key features that make an HSA so attractive are its triple tax advantages:

  1. Contributions are tax-deductible. Money you contribute to your HSA can be deducted from your taxable income for the year, reducing your tax bill.

  1. Growth is tax-deferred. Funds within your HSA can be invested and grow tax-deferred, similar to a traditional or Roth IRA. You won't pay taxes on investment gains over time.

  1. Withdrawals for qualified medical expenses are tax-free. When you take money out of your HSA to pay for eligible healthcare costs, those withdrawals are completely tax-free.

No other account offers tax benefits at all three stages like the HSA does. Even with Roth IRAs, contributions are made with after-tax dollars. And while traditional IRAs provide a tax deduction, you pay taxes on withdrawals in retirement.

There are annual limits to how much you can contribute to an HSA, which are higher for those 55 and older who can make additional catch-up contributions. In 2023, the standard limits are:

| Filing Status | Contribution Limit | Catch-up Contribution (age 55+) |

|---------------|--------------------|---------------------------------|

| Individual | $3,850 | $1,000 |

| Family | $7,750 | $1,000 |

With this overview in mind, let's explore five powerful ways to utilize an HSA to your advantage in retirement.

Strategy 1: Save Your HSA for Retirement

It may sound counterintuitive, but *the best way to use your HSA is often to not use it at all* during your working years. Instead, pay for current medical expenses out of pocket if you can and leave your HSA funds to grow until retirement.

Why is this a smart move? A few key reasons:

- You're certain to have healthcare expenses in retirement. Building up your HSA balance allows it to compound over decades to help cover those inevitable costs.

- Paying for medical costs with other savings while working still provides a tax benefit, since those expenses may be deductible if they exceed 7.5% of your adjusted gross income.

- Keeping your HSA intact could provide a source of tax-free funds for paying Medicare and long-term care insurance premiums in the future.

Of course, if you are facing a major medical expense or undue financial hardship, using your HSA is completely appropriate. The account is there to help with healthcare costs after all. But if you're able to reserve it for retirement, that's often the optimal approach.

As an example, let's say you contribute the maximum $7,750 to a family HSA starting at age 40. Even without any catch-up contributions, if you earned a modest 5% annual return and didn't touch the balance, it could grow to over $250,000 by age 65. That's a substantial sum to help cover healthcare expenses in retirement!

Strategy 2: Bridge the Gap to Medicare

Planning to retire before age 65 when you become eligible for Medicare? An HSA can help you bridge the health insurance gap and pay for coverage in the meantime.

One option is to elect COBRA coverage and use HSA funds to pay the premiums tax-free until you reach Medicare age. COBRA allows you to continue your employer health plan for up to 18 months after leaving your job. The premiums are often high, but being able to pay with tax-free HSA dollars softens the blow.

Alternatively, if you retire before 65 and need to purchase private health insurance outside of COBRA, you could:

  1. Choose a high-deductible plan with lower monthly premiums
  2. Use your HSA to cover the deductible and out-of-pocket costs that arise
  3. Pay premiums with other savings

This approach works best if you're relatively healthy and don't expect frequent healthcare needs before Medicare kicks in. But it's a way to make retiring early more affordable from a health coverage standpoint.

Strategy 3: Use Your HSA to Pay Medicare Premiums

Once you turn 65, your HSA can be used to pay premiums for:

- Medicare Part B (medical insurance)

- Medicare Part D (prescription drug coverage)

- Medicare Advantage plans (Part C)

However, HSA funds *cannot* be used for Medigap or Medicare Supplement plan premiums. But you can still use your HSA for deductibles, copays, and coinsurance related to those plans.

Tapping your HSA for Medicare premiums and other out-of-pocket costs can cover a major portion of your healthcare expenses in retirement. It reduces the need to pull money from other income sources.

In 2023, the standard monthly Part B premium is $164.90 (although some people pay more based on income). Being able to pay these premiums with tax-free HSA funds is a significant perk and can help your retirement savings stretch further.

Strategy 4: Create a Long-Term Care Safety Net

Did you know an HSA can be used as a "rainy day fund" to help with long-term care costs? While standalone long-term care insurance is worth considering, it can be pricey, especially as you age.

But an HSA provides two ways to manage extended care expenses:

  1. Paying a portion of long-term care insurance premiums. HSA funds can be used to cover long-term care insurance premiums up to an annual limit that increases with age.

  1. Directly paying for qualifying long-term care services. This includes costs like nursing home care, assisted living, and in-home care. To use HSA funds for in-home care, you must be chronically ill and certified by a licensed healthcare practitioner as needing help with at least two activities of daily living.

In general, your long-term care expenses must be primarily for receiving medical care to qualify for tax-free HSA withdrawals. For example, if you're in an assisted living facility for non-medical reasons, only the portion of costs directly related to medical services would be HSA-eligible.

Since statistics show a high likelihood of needing some form of long-term care, having an HSA that's grown for decades can provide peace of mind and financial flexibility in covering potential costs.

Strategy 5: Use Your HSA for More Than Medical Expenses in Retirement

Here's one of the most powerful HSA perks that many people aren't aware of: After age 65, your HSA can basically function like a traditional IRA, *without* required minimum distributions (RMDs).

Normally, taking HSA withdrawals for non-medical expenses before 65 means paying income tax *plus* a 20% penalty. But after 65, while you'll still pay income tax on non-medical withdrawals, the 20% penalty disappears.

In other words, 65 is the "magic age" when you gain much more flexibility with your HSA assets. You can take money out for any purpose, although you'll get the most tax benefits by continuing to use it primarily for medical expenses.

What happens to your HSA when you pass away? This is an important estate planning consideration. The rules depend on your designated account beneficiary:

-Spouse: If your spouse inherits the HSA, it's treated as their own. The account maintains its tax-advantaged status, and your spouse can use it for their qualified medical expenses. The HSA isn't subject to RMDs.

-Non-spouse: If a non-spouse beneficiary (like an adult child) inherits your HSA, it stops being a tax-advantaged account. The fair market value of the HSA on the date of your death is taxable income to the beneficiary for that year. The 20% penalty doesn't apply, but the entire balance must be taken as a lump sum.

This illustrates the unique benefits of the HSA as a wealth transfer tool in some cases. By leaving it to a spouse, it can continue providing value as a family health savings vehicle even after you're gone.

*The earlier you can start saving in an HSA, the more opportunity you give your money to grow for decades to help cover health-related costs in retirement.* By understanding the rules and getting creative with how you incorporate an HSA into your wealth plan, you can turn it into a retirement savings powerhouse.

Remember, you should always consult with a qualified financial advisor or tax professional familiar with your specific situation before making decisions. But hopefully this guide has given you a practical overview of the HSA's potential.

Here's to your health and wealth in retirement and beyond!

*This blog post is based on the insights shared by Danny Gudorf of Gudorf Financial Group in an episode of the Limitless Retirement Podcast. For personalized advice tailored to your unique circumstances, always consult a financial, legal, or tax professional.*

Transcript: Prefer to Read — Click to Open

Danny (00:05.454)

Welcome to the Limitless Retirement Podcast. My name is Danny Gudorf, the owner of Gudorf Financial Group. Whether retirement is on your horizon or you’ve already made the leap, this podcast tackles your most important questions in retirement. Every episode, I’m here to share valuable tips and strategies to help you succeed in retirement. So let’s go ahead and get started with today’s show.

Welcome to the Limitless Retirement Podcast. Thank you for joining me today and to our listeners, welcome back. Your continued support and the engagement mean the world to me and I’m thrilled to have you join me for another informative episode. If you find value in the content that we provide, I’d be grateful if you could take a moment to leave a rating and review.

on your favorite or preferred podcast app. Your feedback not only helps us improve the show, but also allows us to reach more people who can benefit from this information. And to our new listeners, a warm welcome. I’m confident that you’ll find today’s topic both interesting and applicable to your retirement journey. So in today’s episode, we’ll be diving deep,

into the world of health savings accounts or other ways known as HSAs. And we’re gonna be exploring how these powerful financial tools can be leveraged in retirement. I’ll be sharing five unique strategies for maximizing the potential of your HSA, with the fifth being a particular intriguing option that you might not consider before.

But that’s not all, we’ll also be addressing a common question about what happens to your HSA when you pass away and providing you with the clarity and peace of mind that you need so that you can plan accordingly. But before we jump into the strategies and the details and the five ways you can use your HSA in retirement, let’s take a moment to refresh our understanding.

Danny (02:32.878)

of what an HSA is and how it actually works. So an HSA is a special type of savings account designed specifically for the purpose of helping you pay for healthcare expenses. Not just for yourself, but also for your spouse and any other dependents you may have. What makes an HSA stand out and what sets it apart?

from other savings vehicle is the unparalleled triple tax advantage that HSAs offer. Let’s go into a little bit more detail about what that actually means. Firstly, when you contribute money to your HSA account, you can deduct that amount from your taxable income in the year in which the contribution is made. While there is annual limits,

on how much you can contribute depending upon if you’re filing single or married filing jointly. And in addition, if you are over age 50, then there’s also a catch -up contribution that’s allowed. But the benefit of these contributions is that you get immediate tax benefit by reducing your overall tax liability by contributing

to your HSA account. Secondly, the money within your HSA can grow tax deferred over time. Similar to a Roth IRA or a traditional IRA, you can invest the funds in your HSA and a variety of mutual funds or the other investment vehicles offered by your HSA provider. As your investments appreciate in value,

you won’t have to pay taxes on those gains, allowing your money to compound more efficiently over time. And this is a key part that I wanna hone in on because a lot of times clients, they just leave their HSA dollars in cash and leave them sitting in the HSA account and don’t invest them. Now, that can make a big difference if you start investing your HSA when you’re 30 or 40 or 50,

Danny (04:59.022)

it can have 10, 20 or 30 years of compounding over that period of time. So it’s very important. Usually once you get to a certain threshold in your HSA, your HSA custodian will allow you to begin investing those funds. So you definitely wanna pay attention to that and go back and check your HSA accounts if you have one and make sure you have those funds invested. All right, thirdly, and perhaps the most important, when you withdraw,

money from your HSA to pay for qualified medical expenses, you can do this completely tax free without incurring any penalties or any taxes. This powerful combination of tax benefits, tax deductibility, and tax deferred growth and the free withdrawals for qualified medical expenses make the HSA the ultimate

tax savings tool, there is no other account type that offers this triple tax advantage that the HSA does.

So to put this in perspective, let’s compare HSAs to other popular retirement savings accounts. With a Roth IRA, you contribute after -tax dollars, meaning you don’t get the tax deduction upfront. However, your money grows tax -free and you can withdraw your funds tax -free in retirement, provided you meet certain qualifications. On the other hand, traditional IRAs,

offer that tax deductibility upfront, but you’ll have to pay taxes on your withdrawals in retirement. So an HSA offers both of these tax advantages wrapped up into one plan with tax benefits at every stage of the process. So it’s also critical though that we understand the eligibility requirements to contribute to an HSA.

Danny (07:09.198)

because not everyone is able to open and contribute to an HSA. So you must be enrolled in a high deductible health care plan. If your current health insurance has a low deductible or isn’t HSA qualified, you could not open an HSA on your own and make contributions. That’s an important part. Attempting to do so could result in a significant tax consequences.

as the money could be considered disqualified and subject to income tax and penalties. So we wanna make that important point and we need to be thinking about that. You can reach out to the company you work at or your HR department to see most of the time if your plan is HSA eligible. Now that we have a foundation of what an HSA is and how it functions, let’s explore

the five powerful ways you can utilize this tool in retirement to optimize your healthcare spending and financial well -being. So the number one item we wanna talk about is covering your medical expenses. The most straightforward way to use your HSA in retirement is to pay for your out -of -pocket medical expenses as they arise. As we age, the likelihood of us encountering health issues,

and requiring more frequent medical care increases. Having a well -funded HSA to draw upon during retirement can provide a significant financial cushion allowing you to cover these costs without tapping into your other retirement accounts or other savings. Or potentially having to use your current income from social security or pension by strategically contributing

to your HSA throughout your working years, you can build up a substantial balance to help mitigate this impact of the rising healthcare costs that you’re likely to face in retirement. If you’re younger and have access to an HSA, now is the perfect time to start prioritizing these contributions to give your money ample time to grow tax deferred. Your future self,

Danny (09:35.758)

we’ll thank you for this foresight and discipline. And another thing that we’d like to talk to clients about is we try to advise them not to spend their HSA funds while they’re working. I know that sounds kind of counterintuitive, but if possible, we really want to save this account for retirement. Because when we’re in retirement, it’s not if we’re going to have medical expenses.

there’s a hundred percent certainty that we’re going to have some medical costs in retirement. So if we can not use these funds while we’re working and let them continue to grow and continue to compound, that’s going to make our retirement that much more successful and give us that many more options on how we can pay for our healthcare costs in the most tax efficient way. So definitely want to try to not

spend those while we’re working if possible. All right, let’s talk about tip or strategy number two. Number two is bridging the gap to Medicare. A lot of our clients want to retire early, meaning they want to retire before age 65. And if they retire from their employer and they no longer have health insurance and they’re not eligible for Medicare until 65, they have to figure out,

how they can bridge that gap for their health insurance. And that can be a very expensive endeavor. So when you retire and when you become eligible for Medicare at 65, let’s use an example. Let’s say you decide to retire at age 64 and you have a year until you turn 65 and can enroll in Medicare. You’re gonna need to secure health insurance coverage.

during that period of time. And like we said, that can be quite costly. One option is to purchase private health insurance, but the premiums can be exorbitant. Another alternative though, you could opt for Cobra coverage through your former employer for up to 18 months. And while you cannot use your HSA to directly pay for private,

Danny (12:03.726)

health insurance premiums, there are two notable exceptions to that rule. The first exception is if you elect COBRA coverage, you can use your HSA funds to pay for those premiums until you reach Medicare eligibility. This can be a significant relief as COBRA premiums are often quite high as well. And being able to use these tax -free HSA dollars to cover them,

can help stretch your retirement savings even further. Because one of the largest costs that our clients face in early retirement, free that H65 Medicare, is going to be those healthcare costs. Okay, so we can use our HSA in a tax -free manner to cover those. We’re gonna be in a much better position. Additionally, if you find yourself receiving,

unemployment compensation, you can use your HSA to pay for medical premiums, medical insurance premiums, regardless of your age. This can be a valuable lifeline if you lose your job or decide to stop working before age 65 and qualify for unemployment benefits. So if you retire before 65 and you need to purchase private health insurance,

outside of COBRA or unemployment, you may face high premium costs. In this situation, a strategic approach could be to select a plan with the highest deductible, which typically means lower monthly premiums, but potential higher out -of -pocket costs when you need care. But by opting for this type of plan, you can use your HSA to cover the deductible and out -of -pocket expenses

as they arise rather than paying higher premiums each month. This strategy can be effective if you’re relatively healthy and don’t anticipate any frequent healthcare needs from that age until Medicare. So that’s one little tip to think about if you don’t wanna go the COVID route or you’re not able to for the full length of time. So definitely think about that.

Danny (14:30.318)

Tip number three is paying for Medicare premiums. Once you reach 865 and become eligible for Medicare, your HSA can continue to play a vital role in managing your healthcare expenses and retirement. You can use your HSA funds to pay for premiums associated with Medicare Part B, which is your medical insurance, Medicare Part D, which is your prescription drug coverage,

and you can be reimbursed for Medicare Advantage plans, part C. In 2023, the standard part B premium is $164 .90 per month, but this amount is subject to change each year. Being able to tap into your HSA to cover these re -incurring costs can significantly ease the financial burden of your healthcare expenses in retirement.

But it’s important to note that there is one exception to using your HSA for medical related Medicare expenses when you’re on Medicare. You cannot use your HSA funds to pay for premiums associated with Medigap or Medicare Supplement Plans. However, you can still use your HSA to cover copays, coinsurance,

and deductibles related to these plans. The ability to use your HSA to pay for Medicare premiums and out -of -pocket costs is a game changer in retirement. And by having a dedicated fund to cover these expenses, you can minimize the impact on your other retirement income sources and enjoy greater financial stability. As you plan for retirement,

Keep this valuable benefit in mind and consider how you optimize your HSA contributions to make the most of this opportunity. Because like we’ve talked about, your healthcare expenses are gonna be one of the largest budget items in your retirement budget. All right, number four is addressing long -term care needs. One of the most significant expenses,

Danny (16:57.71)

that retirees face at end of life is the cost of long -term care. Whether it’s in home assistance or an assisted living facility or a nursing home, these costs can quickly deplete all of your retirement savings if you don’t have a plan to pay for these. Fortunately, your HSA can be a powerful tool in managing long -term care expenses in two key ways. Firstly,

you can use your HSA to pay for a portion of your long -term care insurance premiums. While you can do this at any age, the amount you can withdraw from your HSA to cover these premium costs increases as you get older. Long -term care insurance can be expensive and premiums that seem manageable now are likely to increase over time if you’re purchasing

a premium based long -term care policy versus an asset based long -term care policy. But by using your HSA to help offset these costs, you can protect your other retirement assets and maintain greater financial flexibility. Secondly, you can use your HSA to directly pay for qualifying long -term care services, such as in -home care, nursing home care,

or care provided in an assisted living facility. To use your HSA for in -home care expenses, you must meet two key criteria. You must be chronically ill and have a licensed healthcare practitioner must certify that you require assistance with at least two activities of daily living. If you do meet these qualifications, your HSA can cover

some of these necessary care services tax -free. It’s important to understand that if you use your HSA to pay for long -term care in a nursing home or assisted living facility, the primary reason for your stay must be to receive medical care. If you’re in the facility for non -medical reasons, only the portion of your expenses directly related to medical care would be considered HSA

Danny (19:24.558)

qualified distribution. So incorporating your HSA into your long -term care planning can provide you with greater peace of mind. By strategically funding your HSA through your working years, you can create a valuable resource to help manage these significant costs that we know we have a high probability experiencing. Because we know if you’re a married couple,

there’s a 65 to 70 % chance that one of you is gonna need some type of long -term care in retirement. All right, number five and the final tip is enjoying flexibility for non -medical expenses. One of the most exciting and lesser -known aspects of HSAs is the ability to use the funds for non -medical expenses. Once you reach age 65,

without incurring the usual 20 % penalty, you can begin withdrawing these funds for non -medical expenses. This provision effectively turns your HSA into a pseudo traditional IRA and giving you additional flexibility and financial resources in retirement. Normally, if you withdraw money from your HSA for non -medical expenses before age 65,

you’ll have to pay income taxes on the distribution plus an additional penalty. However, once you reach age 65, you can take the money out of your HSA for any purpose and only pay ordinary income taxes on the withdrawal, just like you would with your traditional IRA. So if you’ve accumulated a significant balance, this could be one potential way of

to use those funds. Now we usually don’t recommend that because most likely you’re gonna have increased healthcare costs in retirement and you’re most likely gonna use those expenses for your healthcare costs, for your out of pockets, for your premiums, or you’re gonna end up using those costs for your long -term care costs. So as it is an option,

Danny (21:53.87)

Most of the time it’s not the preferred option that most clients go with. So as we wrap up today’s discussion on HSAs, I want to address a common question that I recently received from a client. And the question was, hey Danny, what happens to my HSA when I pass away? I know it’s not technically a retirement account. It doesn’t have required minimum distributions or RMDs.

So if I have a substantial balance in my HSA when I die, what happens to that money? Well, this is an excellent question and one that’s important to understand as you incorporate HSAs into your overall retirement plan. And the answer depends on who you’ve designated as the beneficiary of your HSA. If you’ve named your spouse as the primary beneficiary, they will inherit

the HSA and they can treat it as their own upon your passing. This means that that account will maintain its tax advantage status and your spouse can continue to use the funds for their own qualified medical expenses tax free. There are no RMDs in the account continue to grow tax deferred as the years go by. Essentially,

this HSA will function just as it did while you were alive, providing your spouse with a valuable financial resource in their retirement years. On the other hand though, if you’ve designated a non -spouse beneficiary, such as an adult child, the HSA will no longer function as a taxed advantage account. Instead, the fair market value

of your HSA on the date of your death, it will be treated as taxable income to the beneficiary in the year of your passing.

Danny (24:04.814)

So like a lot of other distributions, the beneficiary will receive a 1099 form reporting this income and they will be responsible for paying the tax associated with that HSA. However, though, there is not gonna be a penalty, the 20 % penalty for a non -medical distribution in this case, as the beneficiary is required to fully distribute

the money that’s in the account. So that’s an important point to note that non -spouse beneficiaries will not have the option to maintain the HSA and take distributions over an extended period of time. As they might in some of your other retirement accounts like an IRA or a Roth IRA under the Secure Act, the HSA must be fully distributed in a lump sum in the year in which you pass away.

So understanding these beneficiary rules can help make your informed decision better and make sure you have a beneficiary on there at all. Some clients, they change jobs or they forget to name a beneficiary at all. So that’s an important point that we want to make sure we cover when it comes to our HSAs so we can make sure everything gets passed along in the most efficient manner possible.

So as we wrap up today’s episode, I want to emphasize the incredible value that an HSA can provide in retirement. By providing this triple tax advantage, the ability to cover a wide range of healthcare expenses, and the flexibility to use the funds potentially in a non -medical purpose. HSAs are a powerful tool that should be a key component of your overall

retirement planning strategy. Well, if you found this information today’s episode helpful, I encourage you to take action and start maximizing your HSA contributions if you’re eligible. In some instances, we’re even deferring the 401k contributions to get that maximum HSA contribution. Because like we said previously, there’s 100 % probability that you will have medical expenses in retirement.

Danny (26:35.054)

The earlier you can start saving and investing your HSA, the more time you have to let it grow tax free. And it’s the same thing with your other investments. If we look at the rule 72 and we can invest that money and earn a 8 % rate of return, it’s not unlikely that once you’re in retirement, all this money that you’ve contributed can double or triple by the time that you need it.

I also want to take a moment to thank you for tuning in and trusting me to provide you with this knowledge and insights as you navigate your retirement journey with confidence. If you have a question or you’d like me to address a topic in a future episode, please don’t hesitate to reach out via email at danny at goudorffinancial.com. I’m always eager to hear from listeners and provide the guidance you need.

to make informed decisions about your retirement. Thank you again for joining me. This is an in -depth look at HSAs and how they can be a game changer in your retirement. I look forward to connecting with you again soon and continuing to provide the valuable insights you need to achieve your retirement dreams. Until next time, take care and remember, your retirement success is in your hands.

Have a great day. Thank you for listening to another episode of the Limitless Retirement Podcast. If you want to see how Gudorf Financial Group can help you get the most out of your money, go to gudorffinancial.com forward slash get started. This is where you can schedule a 20 minute call to see how our firm can help prepare a free retirement assessment.

Please remember, nothing we discuss on this podcast is intended to serve as advice. You should always consult a financial, legal, or tax professional that is familiar with your unique circumstances before making any financial decisions.

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