This Retirement Savings Plan Gets Even More Attractive in 2022
Healthcare is a major expense that people of all ages grapple with, but it can be an especially large burden for seniors on a fixed income. In fact, Fidelity recently reported that the average 65-year-old male-female couple retiring this year will spend a projected $300,000 on medical care throughout retirement.
It's for this reason that setting funds aside for future healthcare costs is so important. And starting next year, you'll have an even greater opportunity to sock away money for your senior medical expenses while enjoying a host of tax breaks.
If you're not familiar with a health savings account, or HSA, it's designed to help you cover near- and long-term medical costs. It's easy to confuse HSAs with FSAs, or flexible spending accounts, which require you to use up your plan balance year after year, but HSAs are different in that their funds never expire.
Source Fool.com
