Health savings accounts (HSAs) will celebrate 20 years in 2024, and these tax-advantaged accounts are more popular than ever. However, there are some common misconceptions about HSAs that prevail, despite their growing popularity.
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The past few years have been a roller coaster ride for many retirement savers. After performing well for several years, the broader investment markets have been hit hard since the beginning of 2022. Now the price of gas, food, housing, and other goods and services continue to rise, and for many of us, something needs to give.
But that “something” shouldn’t be your retirement savings.
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Over the next several months, we will be featuring stories in The Link newsletter on the pandemic’s impact on retirement readiness. This series is not for us to look behind us at what we may have lost; instead, it’s meant to help us look ahead. We want to support our business partners as we all navigate the continued impact of this pandemic. We want to continue to encourage and promote a healthy approach to retirement, health, and emergency savings for all ages, from the retiring Baby Boomer generation to the teenage Gen Z.
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If your clients took CRDs in 2020, they still have time to make repayments to their qualified retirement plan or eligible IRA. Because a relatively small number of qualified individuals took CRDs in 2020 you may handle few CRD repayments, but their proper reporting is no less important for their infrequency.
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Several bills with provisions that would alter tax-advantaged savings arrangements have been introduced. If these provisions are approved, they represent important priorities for the House and Senate lawmakers responsible for their drafting and introduction.
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The premature spending of retirement savings for purposes other than retirement is likely to cause many retirees to be inadequately prepared during retirement. The congressional Joint Committee on Taxation recently released a report estimating the extent to which retirement accumulations are currently “leaking” from tax-advantaged savings arrangements and why.
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Roughly one-third or more of private sector workers do not have access to a retirement plan at their place of employment. How the country might address this “coverage gap” is the subject of a study that examines the potential for reducing the coverage gap through several retirement plan design approaches.
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Cerulli Associates recently released a report entitled U.S. Retirement Markets 2020. This article focuses on selected IRA and HSA findings from this report.
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What 2021 will bring is yet to be determined. There is optimism, however, that one or more retirement or health savings-focused bills could be enacted in 2021. Several that were introduced during the past two years will likely be re-introduced in the 117th Congress.
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It’s been nearly seven months since the CARES Act was enacted. Those in the retirement industry are starting to wonder just how effective the relief has been for those in financial need and how much momentum in retirement savings might yet be lost to coronavirus-related distributions and loans.
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The Congressional Research Service recently updated a previous report that it published on the solvency of the Social Security system. This data provides food for thought and takes the discussion out of the realm of speculation and hearsay.
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With so many savings obstacles lined up against women, it is crucial that your female clients have a plan to meet their retirement savings goals. Incorporating an HSA into their savings strategy early on could pay off for them in the future.
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On average, your clients who are women earn less and have fewer years with earned income compared to men. They are less likely to set aside money in an IRA or contribute to an employer-sponsored retirement plan. But for those clients without their own income who are married, making “spousal contributions” to an IRA may help them save for retirement.
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Saving enough for retirement is difficult for most Americans. Unfortunately, it can be even more difficult for women. By understanding some of the challenges that many women face when it comes to saving, you can help your women clients who may be lagging behind in retirement preparedness catch up and even pull ahead.
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Drawing on its own retirement plan and consumer-directed healthcare account data, Ascensus offers a unique, comprehensive perspective into how Americans are saving for the future.
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Your organization may be able to gain long-term clients and more deposits by promoting IRAs as an investment vehicle for every consumer group.
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Looking for another reason to promote the HSA as a key financial planning tool for a more secure retirement? Consider sharing with your clients how they may be able to use their HSA savings to pay for long-term care expenses.
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The Roth IRA is 20 years old and still growing. Discover the latest trends, most recent statistics, and current developments surrounding this unique retirement savings tool.
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