Timothy Sumer

***Lively has started charging $24 or forces you to hold a minimum of $3,000 in their HSA. Due to this change, I do NOT recommend them any longer. Please do not use this company. A Fidelity HSA is currently free at this time*** An HSA (Health Savings Account) is one of the best investment accounts available to someone pursuing Financial Independence or Early Retirement. Although the name has "health savings" in it you should treat it like a "health investment" account to get the full benefits they offer. Someone who isn't pursuing FIRE can still take advantage of the benefits as well. When you use an HSA account you get access to triple tax savings. Not only do you avoid paying taxes when the money goes into the account, but you also skip out on paying taxes on the growth of your investments and when money is withdrawn from the account. The fact that you're able to invest money within an HSA is another added bonus as well. If you instead use thi...

***Lively has started charging $24 or forces you to hold a minimum of $3,000 in their HSA. Due to this change, I do NOT recommend them any longer. Please do not use this company. A Fidelity HSA is currently free at this time*** In this video, I'll go through the 6 HSA mistakes to avoid. An HSA (Health Savings Account) is one of the best investment accounts available to someone pursuing Financial Independence or Early Retirement. Although the name has "health savings" in it you should treat it like a "health investment" account to get the full benefits they offer. Someone who isn't pursuing FIRE can still take advantage of the benefits as well. When you use an HSA account you get access to triple tax savings. Not only do you avoid paying taxes when the money goes into the account, but you also skip out on paying taxes on the growth of your investments and when money is withdrawn from the account. The fact that you're able to invest money wit...

Just once in your lifetime you are allowed to roll money from your IRA to your HSA, or health savings account. This is called a qualified HSA funding distribution, and this move can help you reduce your tax liability and let you tap retirement funds early. But there’s a few things you should know before you make the transfer: First, you must be eligible to contribute to an HSA to make the rollover. If you are not currently covered by a high deductible health plan, you can not do a rollover to your HSA. In addition to that you must remain in an HSA eligible health insurance plan for at least 12 months after making he distribution. If you switch part way through this 12 month testing period, you will be subject to additional taxes and penalties. Next, the Rollover amount you are able to do is capped at the annual contribution limit for your HSA. This amount varies depending on if you are on an individual or family plan. And, this rollover amount counts as your contribution. Y...