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Tafkam Hokie
Joined: 10/07/1999
Posts: 40,227
Likes: 21,984
Tafkam Hokie
Founder Subscriber

(a) I don't have an HSA, and (b) when I have had one, it's always been a

shirtty plan.

I have often heard that HSA's are the secret golden goose for retirement savings. But when I have had one in the past, they have paid about 0.000001% interest, with no other investment options, and they charged about $2 a month in fees. So not only was there no growth, I genuinely lost money the longer it was in the account. I always tried to spend that money on eligible expenses as fast as I could.

Doesn't really matter anyway, my current employer's high deductible/HSA insurance plan isn't cheaper than the full plan by enough to be worth it.
Posted: 04/28/2022 at 04:35 PM ET
(In response to this post by beancounter77)

Thread Replies (25)

Full Thread →
Trying to make sure I'm not screwing up my retirement contributions
Tafkam Hokie • 04/28/22 03:14 PM ET
The answer is "No, they don't."
HokieJay • 04/28/22 05:56 PM ET
Don’t forget to maximize your HSA if you qualify
beancounter77 • 04/28/22 04:27 PM ET
I max mine every yr, my company seeds it with $4600 and I do the rest. Pay
B777Fr8Dog • 04/28/22 08:04 PM ET
(a) I don't have an HSA, and (b) when I have had one, it's always been a ◄
Tafkam Hokie • 04/28/22 04:35 PM ET
Moot point if you’re not eligible, but just FYI next time, you don’t
beancounter77 • 04/28/22 08:12 PM ET
If you use a non employer plan, I'm guessing
Tafkam Hokie • 04/28/22 09:44 PM ET
Correct, you will get a contribution tax form at the end of the year and
beancounter77 • 04/28/22 10:24 PM ET
I am fairly confident the traditional IRA and 401k contributions ...
vt90 • 04/28/22 03:17 PM ET
Did you know that a Roth IRA doesn't just collect money and you have to
Hurley09 • 04/28/22 04:03 PM ET
Oof, that's rough. At least you aren't 50 and finding that out.**
hoosnowahokie • 04/28/22 04:09 PM ET
LOL ... yep, I don't know much but I knew that.**
vt90 • 04/28/22 04:05 PM ET
I didn't know that. I though it was an "either, or" proposition.
EDGEMAN • 04/28/22 03:49 PM ET
Let me rephrase ...
vt90 • 04/28/22 03:52 PM ET
Roth contributions are non-deductible, but all earnings are tax free.
EDGEMAN • 04/28/22 03:59 PM ET
Right, but as Hoke points out below ...
vt90 • 04/28/22 04:02 PM ET
Also there is an income cap for IRA contributions
Hoke • 04/28/22 03:35 PM ET
Roth IRA also has income limits.
Tank • 04/28/22 04:13 PM ET
Unless your 401k plan permits AT contributions to backdoor Roth IRA.
Fatman • 04/28/22 04:29 PM ET
Income cap is not an issue. I just have no debt, no mortgage
Tafkam Hokie • 04/28/22 04:04 PM ET
I don't believe there is an income limit for non-deductible traditional IRA
vt90 • 04/28/22 03:40 PM ET
You're right on non-deductible
Hoke • 04/28/22 03:46 PM ET
True ... only benefits are that I am volume saving ...
vt90 • 04/28/22 03:48 PM ET
She can spend it, but you incur an additional penalty.
EDGEMAN • 04/28/22 03:50 PM ET
Nice work Andy Dufrene. **
GreenvilleVT • 04/28/22 07:50 PM ET
She's smarter than that and she wants to retire too.**
vt90 • 04/28/22 03:53 PM ET