06.14.2022 - Debt
The Rank Order of Investing and Paying Down Debts
Presented by Greg Geisler, PhD, CPA (Inactive), Indiana University
Surprisingly, the tax savings on many employees’ contributions to a health savings account (HSA) increases wealth by more than a 50% employer match on the same employees’ 401(k) contributions. Join Greg Geisler, PhD, CPA (inactive) for a look at provide the financial planning tools needed to assess HSAs as a wealth maximization option, where available. It also provides the tax-efficient rank ordering that maximizes wealth by comparing contributions to HSAs, Roth and traditional retirement accounts, and 529 accounts, as well as for paying down debts.
Attendees Comments:
Here are comments from listeners:
Very interesting topic to enhance my knowledge of the use of HSA's to client's financial circumstances.
- James
I didn't know that we could use HSA medical expense reimbursement in the future and not the year you incurred the over counter expense!
- Heather
All of it was great. Greg did a great job of laying out how/when the HSA contribution is better than getting an employer match on 401k. Slides helped his explanation a lot.
- J. Chris
It was an eye-opener to learn that HSA contributions can be more impactful than 401k matching!
- Elise
"Learned something that maybe I should have known beforehand:
Folks still pay FICA tax on Pre-tax 401K contributions
HSA contributions are taken out BEFORE FICA tax"
- Lance
Very interesting topic to enhance my knowledge of the use of HSA's to client's financial circumstances.
- James
I didn't know that we could use HSA medical expense reimbursement in the future and not the year you incurred the over counter expense!
- Heather
All of it was great. Greg did a great job of laying out how/when the HSA contribution is better than getting an employer match on 401k. Slides helped his explanation a lot.
- J. Chris
It was an eye-opener to learn that HSA contributions can be more impactful than 401k matching!
- Elise
"Learned something that maybe I should have known beforehand:
Folks still pay FICA tax on Pre-tax 401K contributions
HSA contributions are taken out BEFORE FICA tax"
- Lance
Very interesting topic to enhance my knowledge of the use of HSA's to client's financial circumstances.
- James
I didn't know that we could use HSA medical expense reimbursement in the future and not the year you incurred the over counter expense!
- Heather
All of it was great. Greg did a great job of laying out how/when the HSA contribution is better than getting an employer match on 401k. Slides helped his explanation a lot.
- J. Chris
It was an eye-opener to learn that HSA contributions can be more impactful than 401k matching!
- Elise
"Learned something that maybe I should have known beforehand:
Folks still pay FICA tax on Pre-tax 401K contributions
HSA contributions are taken out BEFORE FICA tax"
- Lance