Do You Have to be Retired to Collect on Pers or HSA?

Are you wondering if you need to be retired to collect funds from your PERS or HSA account? The good news is that you do not have to be retired to access funds from these accounts. In fact, both PERS (Public Employees Retirement System) and HSA (Health Savings Account) can be utilized by individuals who are still actively working to save for retirement and healthcare expenses. Let's delve deeper into how both PERS and HSA work:

Public Employees Retirement System (PERS):

• PERS is a retirement benefit program available to eligible public employees.
• Employees contribute a portion of their salary to the PERS account, and in some cases, employers may also contribute.
• Withdrawals from the PERS account can typically be made once the individual reaches a certain age or meets specific criteria set by the program.
• Being retired is not a prerequisite to collect funds from the PERS account. Individuals can access their PERS savings even while still working.

Health Savings Account (HSA):

• HSA is a tax-advantaged savings account designed to help individuals save for qualified medical expenses.
• Contributions to an HSA can be made by both the individual and their employer, if applicable.
• Unlike some other healthcare accounts, HSA funds rollover from year to year, making it a valuable long-term savings tool.
• Individuals can use funds in their HSA to pay for eligible medical expenses, regardless of their employment status.

So, whether you are actively working, retired, or transitioning between the two, you can access and utilize funds from your PERS or HSA accounts based on the respective program rules.

Curious about accessing your PERS or HSA funds but not sure if retirement is necessary? The answer is a resounding no! You can tap into your PERS and HSA accounts while you’re still in the workforce, making these valuable resources for both financial stability and healthcare expenses.