The Motley Fool

DECEMBER 11, 2023

And if your health insurance plan is compatible with an HSA, or health savings account , then it's definitely worth taking advantage. Like traditional IRAs and 401(k)s , HSAs are funded with pre-tax dollars. So if you put $1,000 into an HSA, that's $1,000 of income the IRS can't tax you on. HSAs work differently, though.

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The Motley Fool

APRIL 28, 2024

If you're hoping to be someone who retires early by choice, as opposed to being forced out of a job, you're no doubt in good company. And there can be big benefits to retiring early, like avoiding the health impacts of a stressful job and getting to enjoy an open schedule at a time when you might have more energy.

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The Motley Fool

DECEMBER 19, 2023

The ability to contribute money to an HSA hinges on the type of health insurance plan you have. To qualify for an HSA, you must be enrolled in a high-deductible health insurance plan. If you're able to fund an HSA in 2024, that's an option you'll want to take advantage of. But HSAs are a very different beast.

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The Motley Fool

DECEMBER 15, 2023

And it pays to carve out some time at the beginning of 2024 to tackle a few key retirement moves. Increase your retirement savings rate Getting a raise at work isn't a given. But if your pay is going up in 2024, then one thing it pays to do is increase your savings rate in your 401(k) plan as early as possible.

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The Motley Fool

JANUARY 2, 2024

But if you're eligible for a health savings account, or HSA , then it definitely pays to open one due to the tax benefits these accounts are loaded with. If you're opening your first HSA in 2024, you may not fully understand how your plan works. But thankfully, HSAs give you a lot more flexibility with your money.

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The Motley Fool

DECEMBER 17, 2023

With a massive enough salary, maxing out an HSA as well as a traditional IRA or 401(k) would perhaps be doable year after year. Why your HSA should come first For the purpose of this discussion, we're going to assume that you're not entitled to any sort of employer 401(k) match to level the playing field. Image source: Getty Images.

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The Motley Fool

SEPTEMBER 14, 2023

A Health Savings Account (HSA) can be an incredibly powerful tool when it comes to helping you cover your healthcare-related expenses. But HSAs can be powerful tools when it comes to your retirement as well. Here are four HSA benefits you won't want to miss out on in retirement. Image source: Getty Images.

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The Motley Fool

MARCH 9, 2024

401(k) plans If your employer offers a 401(k), you have a prime opportunity to not only build up a nice-sized retirement nest egg, but also keep the IRS away from a large chunk of your 2024 earnings. IRAs Like 401(k)s, IRAs are designed to help people save for retirement. Here are three you can use to your advantage this year.

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The Motley Fool

MAY 10, 2024

People who retire early often can't wait to turn 65 so they can sign up for Medicare. For each 12-month period you fail to enroll in Medicare when you were initially eligible to do so, you'll face a 10% penalty or surcharge on your Part B premiums that remain in effect throughout retirement.

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The Motley Fool

FEBRUARY 6, 2024

That's because the more you know about Medicare and what it will cost and cover, the better you can plan financially for retirement as a whole. Among those not yet retired, 12% anticipate Medicare picking up 100% of their healthcare tab. And the sooner you recognize that, the sooner you can begin to plan accordingly.

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The Motley Fool

JANUARY 1, 2024

It's also a great time to review your retirement strategy or develop a savings plan if you haven't already started. One of the first things you'll need to do is decide which retirement account(s) you want to use. This is free money your employer gives you for contributing to your retirement account.

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The Motley Fool

DECEMBER 9, 2023

Many people assume that their living expenses won't be as high in retirement as they are during their working years. And if your mortgage is paid off by the time you retire, the amount you spend on housing might shrink substantially as well. But there's one expense that has a tendency to go up in retirement, not down -- healthcare.

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The Motley Fool

JULY 24, 2023

Or you could fund a health savings account , or HSA, if your health insurance plan renders you eligible for one. This year, for example, your health insurance plan needs to have a minimum individual deductible of $1,500 and a minimum family deductible of $3,000 to qualify. But what if you're in the habit of funding an HSA?

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The Motley Fool

FEBRUARY 4, 2024

My friend Beth calls retirement "preferment" She will do the things that she prefers from now on. -- @keciabee on X That's a fun way of thinking about retirement -- a time when you're more able to do things you want to do, as you're no longer required to dress a certain way, adhere to a certain schedule, or work hard for much of most days.

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The Motley Fool

APRIL 23, 2024

Image source: Getty Images Some of the expenses you face today may go down once you retire. So if that's a $1,400 monthly expense you're dealing with now, you won't have to worry about it in retirement. However, if there's one expense that tends to rise in retirement, it's healthcare.

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The Motley Fool

JULY 5, 2023

If you're in the process of planning for retirement, there are certain expenses you probably know to account for, like housing, transportation, and of course, healthcare. In addition to Parts A and B, you'll have to sign up for a Part D prescription drug plan. Now, not everyone is eligible to fund an HSA.

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The Motley Fool

FEBRUARY 15, 2024

IRAs and 401(k)s are great plans in which to save for retirement, thanks to the tax breaks involved. HSAs , or health savings accounts, give you all of those benefits combined. HSAs , or health savings accounts, give you all of those benefits combined. Of course, HSAs are designed to let you tap your balance at any time.

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The Motley Fool

APRIL 7, 2024

Once you retire, you may find that some of your expenses aren't as costly as they were while you were working. Last year, Fidelity estimated that the typical 65-year-old person retiring in 2023 would spend $157,500 on healthcare throughout retirement. That being said, you'll need to check your HSA eligibility every year.

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The Motley Fool

APRIL 1, 2024

Image source: Getty Images For many people, the idea of retirement can be scary. Featured offer: save money while you pay off debt with one of these top-rated balance transfer credit cards In a recent Empower survey , 44% of respondents cited healthcare costs as a major retirement worry. Are you eligible for an HSA?

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The Motley Fool

MAY 19, 2024

And they unfortunately do not go away in retirement -- though wouldn't it be nice if that were the case? That's why it pays to do what you can to minimize your retirement tax bill. But in exchange, you'll enjoy tax-free investment gains in your account as well as tax-free retirement withdrawals. That's huge.

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The Motley Fool

JANUARY 12, 2024

Many people struggled with retirement savings in 2023, and understandably so. If you're intent on saving more money for retirement in 2024 than you did in 2023, here's how to go about it. Before you get into the habit of spending your raise, decide that you'll save it for retirement, instead. Image source: Getty Images.

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The Motley Fool

MARCH 9, 2024

Once you retire, you may find that some of your expenses don't cost you as much. But if there's one expense that tends to increase for seniors in retirement rather than decrease, it's healthcare. But if there's one expense that tends to increase for seniors in retirement rather than decrease, it's healthcare.

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The Motley Fool

JANUARY 10, 2024

Similarly, if your employer offers a 401(k) plan, you may be eligible to participate as soon as you become an employee. But eligibility for an HSA, or health savings account , isn't as simple. That's because your health insurance plan needs to meet certain criteria for you to be able to participate. Image source: Getty Images.

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The Motley Fool

APRIL 26, 2024

Some people think saving for retirement and retirement planning are the same thing -- but they're not. Saving for retirement is part of retirement planning. Choosing the right investments and knowing how much you can safely withdraw per year in retirement are both helpful. Image source: Getty Images.

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The Motley Fool

JANUARY 14, 2024

If you have health coverage through a job, for example, because you're still working, then why pay for Medicare when you have an employer plan you're happy with? If you're a participant in a qualifying group plan (which generally means covering 20 enrollees or more) then you won't automatically face a surcharge for a late Medicare enrollment.

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The Motley Fool

AUGUST 7, 2023

You're probably aware that planning to retire on Social Security alone is a poor choice. Those benefits, at least at present, will only replace about 40% of your pre-retirement wages if you're an average earner. That's where your retirement savings come in. And here are some of the main reasons why.

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The Motley Fool

JULY 1, 2023

Retirement is an exciting time for many people. For some people, an ideal retirement looks like doing absolutely nothing; for others, it means picking up a new hobby; and for some, this means retiring abroad in the country of their dreams. But retiring abroad can be much more affordable than you might think. Jamaica 53.6

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The Motley Fool

SEPTEMBER 4, 2023

Planning for retirement can involve a lot of number crunching and strategy to ensure you'll have enough money to live the life you want. Here are five sources of retirement income you probably haven't considered yet. Home equity If you own your home outright, it may be a viable source for additional income in retirement.

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The Motley Fool

JANUARY 8, 2024

Image source: Getty Images Depending on your health insurance plan, you might be able to get an extra tax deduction. People who are covered by a qualifying high-deductible health insurance plan (HDHP), whether through an employer or via a plan bought at HealthCare.gov, can open a health savings account.

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The Motley Fool

FEBRUARY 25, 2024

If you're currently enrolled in a high-deductible health insurance plan -- one with a minimum deductible of $1,600 for individual coverage or $3,200 for family coverage -- you may be eligible to fund a health savings accounts, or HSA, this year. HSAs give savers three different tax benefits. But HSA funds never expire on you.

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The Motley Fool

JANUARY 1, 2024

That's not a good thing if you're nearing retirement age and will soon be eligible to enroll. Your Part D drug plan will also have a cost. Your Part D plan, meanwhile, might stick you with expensive copays, depending on the medications you take. It's important to anticipate these costs and plan for them.

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The Motley Fool

JANUARY 13, 2024

You'll often hear that the more money you manage to save for retirement, the more comfortable your senior years are likely to be. With that in mind, you may be thinking about increasing your 401(k) plan contributions this year. Of course, some 401(k) plans do allow for hardship withdrawals. Do I have money for emergencies?

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The Motley Fool

JANUARY 20, 2024

There's a reason people are commonly advised to set themselves up with a decent amount of income in retirement. You'll also need to factor the cost of healthcare into your retirement budget. In most cases, Medicare Advantage plans will cover these expenses. For example, you'll still need a roof over your head as a retiree.

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The Motley Fool

JANUARY 3, 2024

If you struggled to save well for retirement in 2023, rest assured that you were probably in good company. Snag your full employer 401(k) match It's not a given that your employer will match funds you contribute to its retirement plan. Meanwhile, some employers have a practice of contributing to HSAs on workers' behalf.

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The Motley Fool

MARCH 11, 2024

401(k) contributions If you have a 401(k) plan or other employer-sponsored retirement plan at work, you can get an easy tax break. For 2024, employees can put up to $23,000 into a 401(k) or other qualifying plans like a 403(b), 457, or Thrift Savings Plan for federal workers.

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The Motley Fool

SEPTEMBER 18, 2023

I've contributed to my 401(k) If you're not self-employed and don't have access to an employer-sponsored 401(k), then you generally need to stick to an individual retirement account (IRA) for retirement savings purposes. I've signed up to max out an HSA My family gets health insurance through my husband's job.

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The Motley Fool

DECEMBER 29, 2023

Many people dream of being able to retire early. If you know for a fact that you want to retire early, then you'll need to house retirement savings in an account that makes that possible. So, while these plans are loaded with tax benefits, they make it difficult to pull off retirement prior to age 59 1/2.

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