Triple Threat Against Taxes: HSAs

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Listen up, New York! The IRS has upped HSA contribution limits for 2024. Families can now contribute $8,300, and individuals are maxed at $4,150. If you are 55 or older, you get an extra $1,000. Do the math, and in the decade before retirement, you could be talking over $100,000!

So, what makes HSAs so special? They're like a triple threat against taxes. You contribute pre-tax, it grows tax-free, and if you use it for eligible medical expenses, those withdrawals are tax-free too. That beats traditional and Roth retirement accounts any day.

And here's the kicker, your HSA is yours, no matter where you work. Stash some money, pull it out to cover medical bills, and you have got instant tax savings. Plus, you can invest that cash before you ever need it.

Eligible deductibles include copays, long-term care, vision, dental, hearing, and even Medicare Part B premiums. The savvy folks know, HSAs are the secret weapon in your retirement planning arsenal. So, don't be asleep at the switch, get an HSA and start building your safety net today!

Hadley C. Margolis is a SHRM certified Human Resource Manager and is President at Best Payroll where he has offered customers a diversified group of financial fulfillment tools designed to streamline financial processing tasks since 1989. He can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it..

By Hadley C. Margolis