Can I Withdraw Money from My HSA After Age 65?

Are you wondering if you can withdraw money from your HSA after age 65? The short answer is yes, you can withdraw funds from your HSA penalty-free for any reason once you reach age 65. At this age, you can use the funds for any expense without incurring a penalty, although you will still have to pay income tax on the withdrawal if it is not used for qualified medical expenses.

It's important to understand the rules and benefits of an HSA, especially as you approach retirement age. Here are a few key points to keep in mind:

• HSAs offer a triple tax advantage: contributions are tax-deductible, funds grow tax-free, and withdrawals for qualified medical expenses are tax-free.
• After age 65, you can continue to use your HSA to pay for medical expenses, including premiums for Medicare (but not for a Medicare supplement plan).
• If you withdraw funds for non-medical expenses after age 65, the amount will be subject to income tax, similar to a traditional IRA or 401(k) withdrawal.
• Unlike flexible spending accounts (FSAs), there is no
  

  Yes, you can withdraw money from your Health Savings Account (HSA) after you turn 65 without any penalties, which gives you greater flexibility in managing your retirement expenses.