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Old 03-15-2019, 03:31 PM   #61
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If you are over 55 you can contribute an additional $1000 per person.
Ah yes, you can contribute an additional $1,000 for 55 and older. That brings it to $8,000 total. But I don't believe that's per person. The worksheet my husband's employer provides says $7,000 Family PLUS $1,000 if you're over 55. (Minus what they contribute to arrive at the figure my husband can contribute via payroll deduction.) It doesn't say PLUS $1,000 for employee, PLUS $1,000 for employee's spouse, for a total of $9,000. I can find nothing in a Google search that refutes my understanding. Can you provide a link to information that would prove me wrong?
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Old 03-15-2019, 03:38 PM   #62
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From this link:

https://www.connectyourcare.com/blog...-to-save-more/

"Individuals age 55 or older not yet enrolled in Medicare may make a catch-up HSA contribution of up to $1,000 per person – an amount that remains unchanged from last year’s catch-up limit.

This means that the maximum contribution limit for an health savings account in the 2019 tax year will be $8,000."


I'm not sure why they specify "per person", which does make it sound like one could contribute an additional $1,000 for their spouse under family coverage.

Another source:

https://hsa.umb.com/employers/educat...+affect+an+hsa

"If the individual's spouse is also turning 55, the spouse cannot contribute their catch-up contribution to that individual's HSA; however, if the spouse meets the eligibility requirements, they can open their own HSA and contribute catch-up contributions to that account."

As a stay-at-home spouse covered under my husband's HDHP, I don't think I'm eligible to open an HSA. Am I?
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Old 03-15-2019, 03:39 PM   #63
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Think Id rather shoot myself in the head... ;-)

And there lies the unreasonable notion of 'leaving money on the table'.
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Old 03-15-2019, 03:41 PM   #64
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And there lies the unreasonable notion of 'leaving money on the table'.


Au contraire. There lies the unreasonable notion of forking over control of your assets in an SPIA...
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Old 03-15-2019, 03:47 PM   #65
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Au contraire. There lies the unreasonable notion of forking over control of your assets in an SPIA...



Ok, then.... tell me how you'd avoid 'leaving money on the table'?
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Old 03-15-2019, 03:51 PM   #66
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Ah yes, you can contribute an additional $1,000 for 55 and older. That brings it to $8,000 total. But I don't believe that's per person. The worksheet my husband's employer provides says $7,000 Family PLUS $1,000 if you're over 55. (Minus what they contribute to arrive at the figure my husband can contribute via payroll deduction.) It doesn't say PLUS $1,000 for employee, PLUS $1,000 for employee's spouse, for a total of $9,000. I can find nothing in a Google search that refutes my understanding. Can you provide a link to information that would prove me wrong?

We have 2 individual HDHP plans, not a family plan. We each have an HSA. We can contribute $3500+$1000=$4500 each.
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Old 03-15-2019, 03:53 PM   #67
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We have 2 individual HDHP plans, not a family plan. We each have an HSA. We can contribute $3500+$1000=$4500 each.
Thank you for clearing that up.


You had me Googling and wondering if we'd been leaving $1,000 on the table.
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Old 03-15-2019, 03:53 PM   #68
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Ok, then.... tell me how you'd avoid 'leaving money on the table'?


You cannot realistically, which was my point.
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Old 03-15-2019, 03:57 PM   #69
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You cannot realistically, which was my point.

And there lies the unreasonable notion of 'leaving money on the table'.
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Old 03-15-2019, 04:03 PM   #70
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And there lies the unreasonable notion of 'leaving money on the table'.


Agreed.
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Old 03-15-2019, 04:11 PM   #71
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Thank you for clearing that up.


You had me Googling and wondering if we'd been leaving $1,000 on the table.
If you are each over age 55 and if you have a separate HSA for the 2nd spouse, you can each put away the $1000, even with a family plan.
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Old 03-15-2019, 04:13 PM   #72
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As an alternative to taking advantage of SS at 62. I have "added" the PV of SS (62 for wife and 70 for me) to my "assets" which equates to an actual withdrawal rate of 5% of actual portfolio instead of limiting myself to 4%. I didn't actually use FIRECALC but if you want to get more "exact" I imagine you can run lifespans until you don't have 100% (or maybe 90%) success rates to determine years of social security income streams for calculating present value.

One of main reasons I am delaying social security for me until 70 is for survivor benefit for my wife. If she pre-deceases me I will be fine, regardless.

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Old 03-15-2019, 04:31 PM   #73
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This has to be the most discussed subject on this forum. Assuming as a result, it also means a lot to us. When someone says they want to cut it as part of a "Bu&@#$", it probably REALLY upsets us too. That along with any proposed Medicare cuts.
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Old 03-15-2019, 04:56 PM   #74
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If you are each over age 55 and if you have a separate HSA for the 2nd spouse, you can each put away the $1000, even with a family plan.
My husband and I both turned 55 last year. I never opened an HSA for myself, because I didn't think I qualified. I'm covered under my husband's family HDHP. I'm not employed. We file taxes MFJ. Does this mean that I could open an HSA for myself and contribute $1,000 to it?

https://apps.irs.gov/app/vita/conten...sp?level=basic

I'm willing to do more research into this to make sure I qualify, if this is really a possibility.
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Old 03-15-2019, 07:56 PM   #75
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Yep. I'm just trying to pay it forward.
Thank you.

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That way when the system has to give a haircut I can't say I didn't do my part.
Sure. We'll share that haircut and you can feel happy. I will too.
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Old 03-15-2019, 07:57 PM   #76
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And furthermore I've spent 4 decades waiting for later. I think it has arrived. The trivial matters like this just don't matter all that much.
Yup, waiting sucks. YOLO!
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Old 03-15-2019, 07:59 PM   #77
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I have lost about 20 people plus I have known, and most very well, that have passed away in the last year and half. The range of age are from 65 to 53 year old. I'm not going to gamble on this game, I'm taking early and not going to leave anything on the table, betting on my longevity.
Very sad. Probably best to retire before 50 so you can at least enjoy a few years.

And if you get lucky and beat the odds and live to 62, you can take your social security benefits then.

No game with that.
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Old 03-15-2019, 08:31 PM   #78
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I'm a SS Early vs Late junkie on this forum. I read them all, even if the discussion says the same thing over and over. IMHO, this is the best argument for taking early. Just as we cannot predict the market, we cannot predict our health in a day, month or year. Enjoy while you can!
Me too! Read every thread(probably in the last 5 years) and yeah, the comments are generally the same time after time.

Amazingly, the same old comments being re-read has helped narrow my SS plan to anywhere from 1/2020- 1/2021 age 65/8 to 66/8. Spouse can't get a survivor on my SS due to a govt pension, that changes the calculation a bit.
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Old 03-15-2019, 10:47 PM   #79
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Did you mean $7,000 HSA contribution?
It's $9000 in 2019 for two adults 55+ and not yet on Medicare. Each has to have an HSA account so they can each do the extra $1000 contribution.
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Old 03-15-2019, 10:51 PM   #80
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Ah yes, you can contribute an additional $1,000 for 55 and older. That brings it to $8,000 total. But I don't believe that's per person. The worksheet my husband's employer provides says $7,000 Family PLUS $1,000 if you're over 55. (Minus what they contribute to arrive at the figure my husband can contribute via payroll deduction.) It doesn't say PLUS $1,000 for employee, PLUS $1,000 for employee's spouse, for a total of $9,000. I can find nothing in a Google search that refutes my understanding. Can you provide a link to information that would prove me wrong?
Yes, it is $1000 per person over 55 as long as each has an HSA account. Some of us contribute to HSA accounts annually even though we have no employer.
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