Start a Savings Account

Executive Summary about business savings account by Brian Carr

In the grand scheme of things, putting your money in a savings account is probably the easiest and most common way people get their money to “work” for them. Essentially, having your money work for you means that you use the money you have to make additional money for you. In the case of a savings account, your money is working for you by earning a small amount of interest each month.

The nice thing about savings accounts is they are relatively easy to access and provide very little barrier between you and your own money.

Using Your Health Savings Account to Build Retirement Savings

Executive Summary about business savings account by Wiley P Long

Health Savings Accounts are an excellent way to build a second retirement account. Once you open an HSA account, you can place tax-deductible contributions into it, which grow tax-deferred like an IRA. You may withdraw money tax-free to pay for medical expenses at any time.

Fidelity Investments reports that the average couple retiring in 2006 will need $190,000 to cover medical expenses during retirement. You should not contribute any money to your traditional IRA, 401 (k), or any other savings account until you have maximized your contribution to your HSA. It’s just another tax-deferred way to save for retirement, with the added advantage being that you can withdraw funds tax-free if they are used to pay for medical expenses.

Any money you deposit in your health savings account is 100% tax-deductible, and the money in the account grows tax-deferred like an IRA. Health savings accounts are self-directed, meaning that you have almost total control over where you invest your funds. If you put that same money in a tax-deferred investment vehicle like an HSA, you would have $558,317 – over $240,000 more.

Because catch-up contributions are allowed only for people age 55 and older, if one or both of you are under age 55 you should establish your HSA in the older spouse’s name. This will allow you to capitalize on the expanded HSA contribution limits for people in this age range and maximize your HSA contributions.

Learn more about savings interest rates article.

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