Can I Collect Social Security at 62 and Still Have an HSA at Work?

Many people wonder if they can collect Social Security at 62 and still have a Health Savings Account (HSA) at work. The answer is yes, you can have an HSA at work even if you are collecting Social Security at 62. Here's why:

When you turn 65, you are eligible for Medicare. However, if you are still working and covered by your employer's health insurance plan, you can delay enrolling in Medicare Part A and Part B without facing penalties. This means you can continue contributing to your HSA until you retire.

It's important to note that you cannot contribute to an HSA once you enroll in Medicare. However, you can still use the funds in your HSA tax-free for eligible medical expenses, even after you enroll in Medicare.

Having an HSA at work can provide valuable tax benefits and help you save for healthcare expenses in retirement. If you are considering collecting Social Security at 62 and have an HSA at work, it's a good idea to consult with a financial advisor to ensure you are maximizing your benefits.

Absolutely! You can collect Social Security at 62 and still have an HSA at your workplace. It’s a common misconception that these two options cannot coexist. The rules are quite favorable for those still earnestly working and contributing to an HSA.