GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
Shawn Scott, a financial advisor and senior vice president withWealth Enhancement Group, explains sixways to do this.
It also allows you to customize your withdrawal strategy in retirement to manage tax efficiency, he explained.
That way some of your money is coming out tax-free.
What people dont often understand is that health savings accounts can accumulate and grow.
Its not a use it or lose it like theold flexible spending accounts.
Medical expenses were themost expensive partsof retirement.
Fidelity says the average retiree will spend $250,000 over their retirement years on medical expenses.
And so [its important to] have a pool of money to draw from that is tax-free.
So not exercising the body, not exercising the mind has terrible implications, he said.
So have a plan, he recommended, for what youll do with your non-working time.
It not only keeps you healthier, it saves your loved ones a lot ofburden and stressas well.
More From GOBankingRates
Share This Article:
