Happy Friday readers! This weekend’s newsletter considers the role of health savings accounts, or HSAs, in the retirement planning effort. Survey and anecdotal evidence shows Baby Boomers, Gen X and Millennials alike anticipate major challenges paying for health care post-employment. HSAs, however, present an opportunity to leverage the power of compounding and market returns to ease the burden.
The three biggest retirement-related financial worries for most Americans are a costly health issue affecting them or a loved one; inflation; and having too little money to do what they would like.
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It appears some last-minute amendments have largely removed controversial provisions from the Senate’s version of tax reform legislation that would have had a big impact on governmental 457 and nonprofit 403(b) plan sponsors.
The American Retirement Association says that tax reform could be a disincentive for small businesses to offer retirement plans; however, as one reader shares, there are counter considerations having to do with Roth 401(k) options that could mitigate some of the concern.
The legislation would take steps to provide additional anti-cutback protections for Teamsters, miners, and other unionized American workers who have paid significant sums into multiemployer pension funds.