Keep in mind you don't have to keep the same HSA Administrator when you retire. Frequently folks discover that Vanguard Mutual Funds has an HSA with Admiral Share Class Funds and rollover their HSA to Vanguard. You can do that at any age.
Your Health Savings Account (HSA) belongs to you and the account balance carries forward until distributed by you. Unlike a Flexible Spending Account (FSA), an HSA is not a "use it or lose it" vehicle. When you retire, you can still use any remaining HSA account balance tax-free toward qualified medical expenses. Or you can draw-out the funds for non-medical expenses and pay income tax on the distribution (plus a 20% penalty tax if you're under 65). Once you enroll in Medicare (currently age 65 for retirees), you'll no longer be able to contribute to your HSA, though you can still carry the balance forward and take distributions per above.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.