Originally published Sunday, February 25, 2007 at 12:00 AM
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ShareAnother option: Health savings accounts
With so many retirement-savings options offering tax advantages, it can be easy to miss another opportunity to make your money work harder...
With so many retirement-savings options offering tax advantages, it can be easy to miss another opportunity to make your money work harder for you: Once you have funded retirement accounts and college savings, a third but key priority for long-term savings might be a health savings account (HSA).
This is a tax break for those who buy high-deductible health insurance ($1,100 deductible a year for an adult; $2,100 for a family). Deposits to HSAs are made with pre-tax money.
Before you retire, you can invest the money and use it tax-free for medical costs or withdraw it for any other reason with a 10 percent penalty and associated taxes. After you retire, though, you can use the money for any purpose.
Sources: www.treas.gov
, www.cnnmoney.com.— Nan Connolly
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