Happy Friday, readers! This weekend’s mailing steps away from the rush of fiduciary rule news and coverage of complex retirement plan litigation to offer a closer look at the topic of Health Care and Other Benefits. Academic research and industry analyses clearly show there is strong and growing demand for advice about how to best manage health savings account assets—and that retirement plan participants consistently rank concerns about future health care expenses among their foremost concerns. There is also the widespread challenge of student loan, mortgage and consumer debt derailing optimal retirement plan behaviors. We hope you will share some of what you read with a client or colleague.
Health savings accounts are often described as the 401(k) of health care—so it is only natural that retirement specialist advisers can play an important role in educating the public about these important savings vehicles; survey data shows more education and advice is desperately needed.
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Devenir finds HSA assets grew to an estimated $45.2 billion, spread across some 22 million accounts, at the end of 2017; as more account owners are investing their HSA dollars, the demand for advice is clear.
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ConnectYourCare’s 2018 report on consumer-driven health care account trends finds 44.9% of respondents chose to enroll in a health savings account (HSA) as a savings vehicle for future health care needs, over more immediate benefits like tax savings and lower premiums, up from 40.5% in its 2017 report.
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Among those who have never exercised or sold their equity compensation or ESPP, 34% admit to being worried about selling under the wrong market conditions and 34% say they are afraid of potential tax implications of making a wrong decision.
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Unforeseen negative tax consequences often hit job changers when they decide to move money from their previous employers’ retirement plans without sufficient know-how; in an extensive new report, the GAO recommends employers and regulators provide far more support for plan participants.
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The Student Security Act of 2017 would grant $550 in student loan forgiveness for each month a student debtor was willing to raise his or her full retirement age, or $6,600 per year.
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