2. Age 55: HSA catch-up contributions
Next on our list of retirement milestones you should know about is one related to catch-up contributions with health savings accounts, or HSAs.
For 2024, people 55 and older can contribute an extra $1,000 to their HSA each year, assuming they qualify for one of these accounts. Created for people with high-deductible health insurance plans, an HSA is an investment or savings account from which you can reimburse yourself for qualifying medical expenses.
Moreover, HSAs are tax-free, as long as you follow the IRS rules for them.
11 Responses
You don’t talk about exercise as a longevity enhancer. I’m 86 and I lift 20 lbs weights 3 times per week, do yoga 6 days per week, and walk at least 1-1/2 miles every day. I’ve been doing these exercises since I was 30. My doctor marvels at my blood pressure, I have no chronic diseases, take only 2 meds per day and am free of pain, except for occasional, mild, lower back pain. I’m grateful I do all these exercises because they sure beat surgery for knee or hip replacement and wlaking with a walker.
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