Can I Withdraw HSA Money at 65?

If you're wondering about withdrawing money from your HSA at the age of 65, the short answer is yes, but with some conditions and considerations to keep in mind.

At the age of 65, you can withdraw money from your HSA for non-medical expenses penalty-free, similar to a traditional IRA. However, there are some important facts and details you should be aware of:

• While you can withdraw for non-medical expenses after 65 without penalty, regular income tax will apply on the withdrawn amount.
• If you use the money for qualified medical expenses, you can continue to withdraw tax-free even after 65.
• It's essential to track your medical expenses and keep receipts to differentiate between medical and non-medical withdrawals.
• Delaying withdrawals until after 65 can allow your HSA funds to grow even further with tax advantages.

As you approach 65 and consider accessing your HSA funds, ensure you understand the implications and benefits of different withdrawal options to make the most of your savings.

Absolutely! Once you hit the milestone age of 65, you gain more flexibility with your HSA withdrawals. You can take out money for personal use without incurring any penalty, much like how traditional retirement accounts work.