HSA effect on my Social Security Benifit
I have been maxing out my HSA deduction each year to get the pretax benefit. I am 62 and plan to work another 3 years, I make 80k a year but between my contributions and pretax insurance deduction only reporting 70k into Social Security.
Does my current savings outweigh the lower SS benefit I will receive at retirement?
Terry Says
Your SS benefit calculation is complicated. REad this: Your Social Security Benefit Isn’t Always Based On 35 Years of Work History – Social Security Intelligence
I would suggest you continue to contribute to the HSA, knowing that you are getting tax-free growth of the money for use for medical expenses, which will certainly arrive. Just remember that once you sign up for Medicare (even part A, which is free), you can no longer contribute to an HSA.
