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  • Kiplinger

    Use an HSA to Boost Your Retirement Savings

    by Mary Kane, Associate Editor, Kiplinger's Retirement Report Jul 31, 2019 4 minutes

    A health savings account offers a tax-saving trifecta: You put money in the account pretax, let it grow tax free and take it out tax free to pay for qualifying medical expenses. These accounts are growing in popularity, with participants contributing $33.7 billion to their accounts last year, up 22% from a year earlier, according to Devenir Research. And financial advisers increasingly see them as a savvy strategy for stashing money away for your post-working life.

    "More and more people have HSAs available to them," says Kristen Donovan, a retirement adviser with Buckingham Strategic Wealth, in St. Louis, Mo. The total number of HSAs grew to 25 million in 2018, up 13% from 2017, according to Devenir.

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