For self-employed individuals, HSAs offer a strategic way to reduce taxable income and save for future medical expenses. In 2024, contribution limits are $4,150 for individuals and $8,300 for families, with an additional $1,000 catch-up contribution for those aged 55 or older. Unused HSA funds roll over annually and can be invested, potentially serving as a supplementary retirement account. By fully funding both an IRA and an HSA, you can significantly enhance your retirement savings. For personalized advice, contact us at 367-0819.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
So if you want to put money aside and you’re self-employed, I always talk about the health savings accounts. First, they usually have a higher deductible, so that way you don’t pay as much on a monthly premium. Also, a single person could put up to $4,150. A married couple, $8,300. Plus, if you’re over the age of 55, you get an additional $1,000 per person. So that’s a lot of money. And if you don’t use it, guess what? It turns into basically an IRA. So you have two places. So you can maximize your IRA at $8,000. Then you can maximize your HSA. And you’re putting more money aside for retirement. Call us at 367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7. WTN.