Greetings all, I am trying to figure out how I will navigate Retirement and Healthcare for my wife and I and was looking for a little guidance. We will FIRE in 16 months me 53 she 55 and will be living off my Pension and Tax Deferred accounts until her SS and Pension kick in at 65. We also will have one son in college for the next 4-5 years. Here are my questions.
1. Do I fund my HSA's out my pension income or can I just transfer it directly from my Tax Deferred 457 plan?
2. Should I get two separate HDHP because I think my wife might have more healthcare expenses than I will?
3. How does funding an HSA account reduce my MAGI as I am not spending that money just transferring it into another tax deferred account and/or funding it from my pension, but would still need those dollars to eat so would have to take the equivalent withdrawals from my 457 plan?
Thanks to all for your continued assistance.
1. Do I fund my HSA's out my pension income or can I just transfer it directly from my Tax Deferred 457 plan?
2. Should I get two separate HDHP because I think my wife might have more healthcare expenses than I will?
3. How does funding an HSA account reduce my MAGI as I am not spending that money just transferring it into another tax deferred account and/or funding it from my pension, but would still need those dollars to eat so would have to take the equivalent withdrawals from my 457 plan?
Thanks to all for your continued assistance.