I just turned 44 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I'm getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $220k
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk
After a devastating hurricane destroyed my beachside business in 2017, I vowed to never again put all my eggs in one basket. I've since diversified my investments and hired a financial advisor to manage my excess funds. Now, as a semi-retired sailor, I spend only 9 hours a week maintaining my yacht, and I'm thrilled to be just 5% shy of my $3.4 million retirement goal, thanks to savvy investments made since rebuilding my finances
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help
My CFA, Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon
My tax preparer at the time argued with me that I could no longer contribute to an HSA once retired because I no longer had payroll deduction. Needless to say, I stopped using her.
One important point he left out, use you traditional IRA as the source of your HSA funding, the tax you pay on the IRA withdrawal is offset by the deduction you get for the HSA contribution, making it an effective non taxable event. Strategy works from 59.5 until you sign up for Medicare.
Yes you can bro! My retirement health insurance is through my previous employer. It's a hsa high deductible plan. And I'll contribute to it until the month before my 65th bday.
Too late, it's six months before as @KatieLibby1315 notes. The reason for this dumbass rule is Medicare considers you covered for 6 months before your eligibility date, because they want to make sure you don't miss your Medicare application. Unfortunately this rule isn't waivable, like most government things it's one size fits all. I will be doing the same with an ACA plan.
Can you advise if I have a current HSA in my name - use it currently for both myself and wife HDHP premiums and our medical expenses - I go onto Medicare and **she still has a HDHP policy** ... can I still contribute to the existing HSA account (for her only, up to her eligibility limits) ... or must I create an individual HSA account for her in her name (to contribute up to her eligibility limits)? Thank you!
What happens to your account when you die? Can it be passed on? If able to pass it on, what is the taxation of the receipt and what do you use it for, medical only?
If the beneficiary is your spouse it becomes theirs and can be used as if it was their HSA. There is no tax hit. A non-spouse beneficiary takes the account's assets as their personal assets and pays income tax on the entire amount in the year of your death. The HSA is dissolved.
Can your younger spouse (under 65) contribute to an HSA if they have a HDHP HSA plan through healthcare.gov while you are on Medicare while you both file taxes jointly?
Yes. Medicare eligibility is personal even if you're married. There are no "family" Medicare plans. Age as such doesn't matter, if you have "large group" health coverage you can keep contributing to an HSA even after age 65. If you have small group or individual coverage then you must abandon it and take Medicare.
I just turned 44 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I'm getting worried about retirement, my intention is to retire at 55. How best do I maximize my savings of over $220k
Retirement is now more difficult than it was in the past. it's all about balancing your risk tolerance with your long-term goals. Maybe consider speaking to an advisor to help in diversifying your portfolio to spread out the risk
After a devastating hurricane destroyed my beachside business in 2017, I vowed to never again put all my eggs in one basket. I've since diversified my investments and hired a financial advisor to manage my excess funds. Now, as a semi-retired sailor, I spend only 9 hours a week maintaining my yacht, and I'm thrilled to be just 5% shy of my $3.4 million retirement goal, thanks to savvy investments made since rebuilding my finances
Thanks for sharing your experience! I've been managing my portfolio myself, but it's not working out. Do you have any recommendations for a good investment advisor? I could really use some help
My CFA, Joseph Nick Cahill, is a renowned figure in his field. I recommend researching his name online; you'll find all his credentials and everything you need to work with a reliable professional. With many years of experience, he is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked him up on Google and explored his website; he has an impressive background in investments. I've sent him an email, and I hope to hear back from him soon
My tax preparer at the time argued with me that I could no longer contribute to an HSA once retired because I no longer had payroll deduction. Needless to say, I stopped using her.
One important point he left out, use you traditional IRA as the source of your HSA funding, the tax you pay on the IRA withdrawal is offset by the deduction you get for the HSA contribution, making it an effective non taxable event. Strategy works from 59.5 until you sign up for Medicare.
Yes you can bro! My retirement health insurance is through my previous employer. It's a hsa high deductible plan. And I'll contribute to it until the month before my 65th bday.
I was told if you are taking SS benefits you have to stop funding HSA six months prior to turning 65.
Too late, it's six months before as @KatieLibby1315 notes. The reason for this dumbass rule is Medicare considers you covered for 6 months before your eligibility date, because they want to make sure you don't miss your Medicare application. Unfortunately this rule isn't waivable, like most government things it's one size fits all. I will be doing the same with an ACA plan.
Can you advise if I have a current HSA in my name - use it currently for both myself and wife HDHP premiums and our medical expenses - I go onto Medicare and **she still has a HDHP policy** ... can I still contribute to the existing HSA account (for her only, up to her eligibility limits) ... or must I create an individual HSA account for her in her name (to contribute up to her eligibility limits)? Thank you!
Can you reimburse yourself for past medical expenses ?
What happens to your account when you die? Can it be passed on? If able to pass it on, what is the taxation of the receipt and what do you use it for, medical only?
If the beneficiary is your spouse it becomes theirs and can be used as if it was their HSA. There is no tax hit. A non-spouse beneficiary takes the account's assets as their personal assets and pays income tax on the entire amount in the year of your death. The HSA is dissolved.
Can your younger spouse (under 65) contribute to an HSA if they have a HDHP HSA plan through healthcare.gov while you are on Medicare while you both file taxes jointly?
Yes. Medicare eligibility is personal even if you're married. There are no "family" Medicare plans. Age as such doesn't matter, if you have "large group" health coverage you can keep contributing to an HSA even after age 65. If you have small group or individual coverage then you must abandon it and take Medicare.