How much should I contribute to my HSA?

>>1988757
0

Take the money you would have put in an HSA and put it in Bitbean. Cancel your health insurance and put that money into Bitbean. Trust me you'll thank me for this advice.

How much do you spend on medical?

Does it roll over?

>>1988762
>cancel your health insurance and put that money into bitbean

/biz/ in a nutshell.

>>1988757
>How much should I contribute to my HSA?
It's tax deferred savings (the best kind), so as much as possible after maxing your 401k/IRA contributions. After age 65, you can even withdraw money to pay for non-medical expenses. So if you don't have medical expenses over your lifetime, then you get to use to money for a better retirement.

>>1988764
>Does it roll over?
Yes.

>>1988827
You aren't OP. Not all HSAs roll over from year to year.

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858KB, 240x228px

>>1988762
Don't listen to this guy. All other options are better.

>>1988838
>Not all HSAs roll over from year to year.
Yes they do. 100% of them.

For fucks sake man, just kys.

>>1988757
get good insurance?

>>1988827

>It's tax deferred savings (the best kind), so as much as possible after maxing your 401k/IRA contributions.

Past the amount needed to maximize your employer match into a 401(k)/403(b), you should invest in the HSA first before dumping into other vehicles.

At age 65 you can withdraw from an HSA for any expense, not just medical. While it gets taxed this is still functionally identical to a traditional IRA.

>>1989420
>Past the amount needed to maximize your employer match into a 401(k)/403(b), you should invest in the HSA first before dumping into other vehicles.

>At age 65 you can withdraw from an HSA for any expense, not just medical. While it gets taxed this is still functionally identical to a traditional IRA.

Best advice is actually the opposite: max your 401k/IRA, then add to your HSA. 401ks/IRA are much more flexible, and provide numerous options for early withdrawal or penalty-free withdrawal for specific purposes (first home purchase, medical emergencies, etc.). You can also take loans against your 401k/IRA in dire cases, but not against your HSA. An HSA is strictly limited to medical expenses until you hit 65.

Ideally you're maxing both, but if you have to choose, max the 401k/IRA.

>>1989464

>401ks/IRA are much more flexible, and provide numerous options for early withdrawal or penalty-free withdrawal for specific purposes (first home purchase, medical emergencies, etc.). You can also take loans against your 401k/IRA in dire cases, but not against your HSA.

For traditional accounts, you would be taxed on these withdrawals as if they were regular income; Roth accounts allow a $10,000 deduction tax-free but in the case of a home purchase the earnings from a well-managed account would exceed the additional interest paid on a mortgage over time (particularly by the time a first-time home buyer would hit 65).

It's also worth noting that for hardship withdrawals such as for medical emergencies some 401(k) and IRA custodians will make you expend your loan options before allowing a withdrawal, which would still then be subject to penalties (and taxation for traditional accounts).

As far as loans go I would argue that the repayment schedule for these is not attainable. This is a generalization of course but if you are in a situation where your cash flow forces you to take a loan on your retirement accounts you're probably also in a situation where you are not going to be able to make the repayment schedule without incurring additional penalties. That's not to say that the loan itself isn't useful but that if you think it's possible you would need a loan in the future you would be better served developing a more liquid emergency fund than relying on retirement accounts.

I say all this to say that in most cases a person would be better off treating 401(k)/IRA accounts as if that money were untouchable as soon as it hits the account. They aren't designed to be a source of liquidity in a pinch, whereas the HSA is for medical expenses.

OP I just put $1000 a year in my HSA. At the end of the year, I'll see how much was actually needed and adjust accordingly with next year's allocation.

>>1988757

American scam

Funny how there's a federal-wide health tax account but not national level healthcare, instead all these shitty local monopolies with the buying power of a failed Balkan state