Post by Jolly on Feb 4, 2024 17:21:10 GMT
Number 5 is okay and it's good to have, but IMO it's a better account for young people. A state government insurance person and I talked about high deductible healthcare and HSA's years ago, and both of us were bewildered why more young people did not take advantage of them.
www.gobankingrates.com/banking/bank-accounts-you-need-when-you-retire/
For the vast majority of young people, catastrophic illness or a horrible accident are usually the generators of large healthcare bills. Chances are very good that a young person won't have those. In fact, excepting childbirth, most young people do not have significant medical bills until they are in their fifties. If a young man contributes $200/month, starting at 22 and ending at 52 and assuming an average return of 4%, he'll have about $135,000 at 52 (if he doesn't touch the HSA)
More from Ramsey:
www.ramseysolutions.com/insurance/hsa-contribution-limits
www.gobankingrates.com/banking/bank-accounts-you-need-when-you-retire/
For the vast majority of young people, catastrophic illness or a horrible accident are usually the generators of large healthcare bills. Chances are very good that a young person won't have those. In fact, excepting childbirth, most young people do not have significant medical bills until they are in their fifties. If a young man contributes $200/month, starting at 22 and ending at 52 and assuming an average return of 4%, he'll have about $135,000 at 52 (if he doesn't touch the HSA)
More from Ramsey:
www.ramseysolutions.com/insurance/hsa-contribution-limits