Why I Max Out My HSA before 401K or IRA | HSA Accounts | 401K Matching | HSA Bank | Millennial Money
Channel: AJ Mobile Money
Date: 2019-08-07

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In this video I discuss Why I Max Out My HSA before My 401K or IRA. HSA Accounts are a great way to not only pay for medical expenses pre-tax, but they are also great retirement accounts!

With a Health Savings Account, you can save up to $3500 as an individual or $7000 as a Family in 2019. This money can then be invested into the Stock Market via a Mutual Fund, Index Fund, or even individual stocks. I prefer using Total Stock Market or S&P 500 Index Funds to invest my retirement funds. Vanguard is typically the lowest, but check with your provider to see who has the lowest expense ratios. 

The only thing I would do before maxing out my HSA, is 401K matching to ensure I put the minimum toward my 401K to maximize the 401K Match my company provides. After this I max out my HSA Account, and any additional funds go towards my 401K or IRA.

HSA Accounts act just like a Traditional IRA or Traditional 401K once you are in retirement, however you can use the funds now AND in retirement tax free as long as the funds are used for medical expenses. Any withdrawals other than for medical expenses would be taxed at your normal income tax rate the same as a 401K or IRA.

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