Tip of the Month | May 2024

HSA Contributions

Written By: Nick Ziarek, CFP®, CFA

Are you eligible for a Health Savings Account (HSA)? These are our favorite investment accounts because they offer triple tax savings. Contributions reduce your taxable income (no earnings limit), funds can be invested and grow tax-deferred, and qualified withdrawals are always tax-free.

Contribution limits are $4,150 for individuals, $8,300 for families, plus if you’re 55 or older there’s a $1,000 catch-up limit.