Timothy Sumer

Self-direct your HSA and invest in what you know. Listen as Mark shows how he uses his HSA to invest in owning Cows, Hay, Crypto Mining, and a rental in Chicago that he bought ten years ago. Mark explains how his rental in Chicago paid for his daughter's braces. Mat uses his HSA to invest in public stocks and crypto. Why an HSA? You get a tax deduction when you put money in and it comes out when you have medical tax-free at any age. This is the only deal out there where you get a tax deduction on the way in, tax-free growth, and it comes out tax-free for health care expenses. This is an essential strategy that should be used by both low and high-income investors as there are no income phaseouts. Articles and Videos referenced in the show: "Three Unique Benefits of Health Savings Accounts You Never Knew" "Last Chance to Write-off an HSA for 2020" "Back Door Roth IRA Rules and Steps" "The Coverdell ESA or Educational IRA: The Hid

Do you have a tax-efficient retirement income strategy that all tax-saving strategies available to you like an HSA? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to An HSA is your most tax-advantaged account in retirement due to its triple tax advantage. If used properly, the money in an HSA can completely avoid taxes altogether. But as tax-advantaged as this account is while you're alive, it's quite tax disadvantaged after death. Health Savings Accounts can be passed to other persons or entities in one of five ways. An inherited HSA in many cases becomes fully taxable in the year of death. For instance, a non-spouse inheriting this account will have to withdraw the full HSA and pay income taxes on the full amount. This can drive any heir into higher brackets pretty quickly. So what can a retiree do? First, fully utilize the HSA while stil

#401k #HSA #RothIRA #529 #IRA #schoolofpersonalfinance #personalfinance #financialeducation #fire #financialindependence #richmccormack Learn more about having me be your financial advisor by joining my financial planning membership site - Links to Videos Mentioned: How to Get our of Debt -- All About HSA Accounts -- Traditional vs Roth IRA -- Why I Love My Roth IRA -- Benefits of a 529 Plan -- I am asked all the time which type of investment account is the best one to contribute to each year. The answer of course is "it depends on your situation". In this video, I discuss the different types of accounts and give you my prioritized order of which ones I think are best to contribute your hard earned money to. Subscribe Here: Share this video with a friend: Check out School of Personal Finance blog: ★ CONNECT WITH RICH ON SOCIAL★ ▸Twitter: ▸Instagram: ▸Facebook: ▸Linked In: To Becoming Great with Money, Rich McCormack, CFP® www.schoolofperson

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

Do you have a tax-efficient retirement income strategy that maximizes your after-tax wealth? HSA accounts can be an important part of this strategy. You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to Are you utilizing the most tax-advantaged retirement account currently available? This account is called a Health Savings Account (otherwise known as an HSA). HSAs can offer retirees triple tax savings. 1. Tax Deduction on a Contribution 2. Tax Free Growth 3. Tax Free Withdrawals if used for qualified expenses 1, 2, 3 - Triple Tax Advantage Right now, no other account can offer this to retirees! In this video, we discuss all things Health Savings Accounts. We will talk through: ✅ What is an HSA and what are HSA benefits? ✅ How do the Triple Tax Savings work? ✅ What are HSA qualified expenses? ✅ What are the HSA rules and what is the 2021 HSA max contribut