Young Professionals Could Avoid Six Figures in Lifetime Taxes With an HSA

Running the numbers shows how health savings accounts could save one couple $160,000 in taxes. With open enrollment coming up, millions of workers should consider this tool’s benefits.

A man has stacks of $100 bills sticking out of both pants pockets.
(Image credit: Getty Images)

Too many young professionals are leaving Uncle Sam an enormous tax gratuity. How are they doing this? By not taking full advantage of the triple tax benefits of a health savings account. I've yet to meet anyone who wants to pay more taxes. Many do not mind paying their fair share, but they do not want to leave a tip.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Matthew Broom, CFP®
Wealth Planner, CI Brightworth

Matthew Broom is a wealth planner for CI Brightworth, an Atlanta-based wealth management firm. He serves high net worth clients in the areas of retirement planning, investment management and comprehensive wealth advice. A former firefighter and paramedic, Matthew uses his real-world problem-solving expertise to develop customized financial strategies for the firm’s clients.