Move Over, 401(k)s: HSAs Are the New Retirement Trend
With its high contribution limits and employer matching option, the 401(k) has long been considered the go-to retirement account. But lately, a new account has been stealing the spotlight: the health savings account (HSA). OK, so it's not technically a retirement account, but it's still a great place for your savings. Here's why.
HSA contributions reduce your taxable income for the year, like contributions to most 401(k)s. Individuals can set aside up to $3,650 in an HSA in 2022. while families can save up to $7,300. Adults 55 and older can tack an extra $1,000 onto these contribution limits.
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Source Fool.com
