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Wednesday, October 11, 2023

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📅 Daily Questions​

🌜 Last night, after work, I​
🙌 One thing I'm excited about right now is​
  • Weekend Hike at Inyo - [[Thousand Island Lake]]
🚀 One+ thing I plan to accomplish today is​
  • [ ]
👎 One thing I'm struggling with today is​

📝 Ephemeral Notes​

  • HSA #tax #investment
    • Here's what I've found. The HSA is a powerful investment tool for retirement and the sooner you start the better off you will be. The HSA makes the most sense (one caveat is if you have ongoing medical needs) and you don't touch it the account.
    • On the Family Plan the Max out of pocket on the PPO is 4000andtheHSAis4000 and the HSA is 6500. On the HSA you receive 1500soit′seffectively1500 so it's effectively 1000. This is the worst case scenario. Most individuals and families are healthy so you will not usually need to worry about a max deductible
    • If you put 6500inanemergencyfundjustformedicalitwillcoveryoufortheyearattheworstcasescenario.Youcanthenallowthe6500 in an emergency fund just for medical it will cover you for the year at the worst case scenario. You can then allow the 1500 and a max contribution to the HSA for 2024 are 4,150forself−onlycoverageand4,150 for self-only coverage and 8,300 for family coverage to grow tax free.
    • This money goes into the plan prior to taxes and when used for health care expenses in retirement comes out tax free as well (and to my understanding is not categorized as earned income either)
    • So for 5 years if you contributed 7500+7500 + 1500 match that's 45,000.Withoutmakingitcomplicatedyouleavethatamountalone(inselectmutualfunds)forthenext20yearsataconservative845,000. Without making it complicated you leave that amount alone (in select mutual funds) for the next 20 years at a conservative 8% you'd have 194,000 for medical expenses in retirement. If you only contributed 3000ayearyou′dstillhave3000 a year you'd still have 97,000 for retirement.
    • This is if you start at at 45. If you can start sooner the power of compounding interest makes it even more powerful

Notes created today​


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Notes last touched today​


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created: 2023-01-16 11:50