WCI #371: Which Accounts Will Make Your Kids Rich?
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Jun 13, 2024
Topics discussed include maximizing benefits of Health Savings Accounts (HSAs), transferring wealth to children with Custodial Roth IRAs or solo 401(k)s, maximizing retirement contributions, exploring alternative investment options for kids, mimicking stock market index fund returns, and understanding retirement account options for self-employed individuals.
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volunteer_activism ADVICE
HSA Account Ownership Rules
You cannot roll over your spouse's HSA into your own account before they pass away.
Maintaining two individual HSAs or one family HSA has no significant advantage; choose based on your insurance plans.
volunteer_activism ADVICE
HSA Contribution Rules Change
When changing insurance coverage mid-year, calculate your HSA contribution limits using IRS Form 8889 worksheet.
The "last month rule" lets you contribute full year amounts if eligible by December 1st but requires maintaining eligibility.
insights INSIGHT
Maximize HSA Benefits Over Time
HSAs are best used as long-term triple tax-free growth vehicles for healthcare spending later in life.
You can save healthcare receipts now and reimburse yourself years later to maximize tax and inflation benefits.
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Today we answer your questions about rolling over an HSA, when to withdraw from your HSA, whether a UTMA or Custodial Roth IRA is better for your kids, if it is a good idea to open a solo 401(k) for your kids, how to maximize your 403(b) contributions and how to mimic the US Stock Market index fund if your 403(b) doesn't offer that.
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