How much money do you have saved up in your HSA account? I have close to $30k and I feel that may be too much..thoughts?

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Why do you think that will be too much? Even if it is, after 65 you can withdraw like a traditional Ira.

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Medicare premiums are currently $100-$400 per month depending on taxable income. Supplement insurance will run another $200-$400 per month. So let’s say $500 per month for 30 years. That’s $180k and doesn’t include other out of pocket medical. You still have some work to do in my opinion.

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Yes that’s why you inflation adjust your estimated returns so you’re looking at everything in today’s dollars

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Don’t forget that you can invest HSA like your IRA. Let that grow

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How old are you? I’m 31 and have about 30k in mine. Keep in mind you’ll probably want it for big medical bills much later in life. I think that’s the biggest benefit

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Is there a requirement to keep in there for 30 years?

Not at all - I wish I had that much (only about 15k). Keep going!

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Triple tax free account I would save a lot more

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I plan to have $500k+ in it by retirement so no definitely not too much

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You can never have too much money in a triple tax advantage savings and investment vehicle. Remember you can withdraw money from it at ANY time as long as you hold on to your medical receipts. Upload all of your medical receipts into a cloud folder and rest easy. You are doing just fine.

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After 65 it becomes like a traditional IRA (you can withdraw for anything not just health related at that point). Plus you'll have lots of health expenses as you get older. Grow that balance

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56 and $80K. I’ll keep adding to it while I work. I max it plus the catch up amount for my wife and I each year. I’ll use it mostly for HDHP expenses between early retirement and 65. What’s left after that I’ll use to reimburse medical expenses paid out of pocket for prior years.

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I have 7k . It’s not to much — you can access it anytime . I have plenty of medical receipt to cover this tho

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It’s essentially another retirement account. I’d let that grow.

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Keep in mind that HSA is one of the few vehicles that are pre-tax, grows tax free, and withdrawals are tax free if used for medical purposes. Some HSA work like IRAs where you can manage its underlying investment so you can still keep the money in the market. Lastly, keep in mind that as we age, we tend to have more medical expenses. I plan on having six figures there which hopefully I won’t have to use it all.

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Does $30k equate to 6 months of living expenses? Assuming you’re parking money in your HSA as an emergency fund, I wouldn’t keep more than 6 mo worth in there - too much opportunity cost to keep anything over out of the market imo

Seeing Ixnay written out, I'm just now realizing it's pig Latin for nix. Hahaha wow

My accountant says you can withdraw yearly regardless

The comment was based on the fact that I didn’t save the medical receipts even though they were for eligible expenses. I was trying to avoid having to go and recreate / obtain etc . That’s why he said they usually don’t ask for it . Meaning if they did by a small chance, you would have to go through the headache of obtaining the receipts etx . Not fraud

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If you need the money withdraw and then pay tax need be .

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