Susan Travis: That HSA is $325,000 when you’re 65. That is a pocket of reassurance of medical costs in the future. So, that may even say, “Hmm, maybe I should pay for medical costs out of pocket now and really save on that HSA.” That isn’t for everybody, but that’s why you look at each individual situation and take that into account. It’s a huge benefit that people probably don’t even give a lot of thought to.
Doug Fabian: Great. So, Susan, I always like to talk about action steps, and what should our listeners be doing regarding our broad subject, tax and estate strategies, wealth strategies? What should they be going through? Take us through the process.
Susan Travis: Well, first, I would say, don’t try to stay on top of everything by yourself. Get a trusted advisor and put them to the task of helping you put together that balance sheet and strategizing with you. This should include current income tax strategies and planning for you and your family’s future. We can break that down into tax strategies. Again, depending on your age, definitely contribute the maximum that you can into your 401k, because even with the changes that are coming with that, it still says that is a very good way to save.
Up coming on the other side stop of this, to ensure that you have the right estate package data into the lay. Again, it’s just how much the web well worth was, but what Doug alluded to help you ahead of on change in the life different, it’s going to go-down. Therefore, let’s make use of it while we get it, and you will let’s determine how you can play with one. I have done charity trusts. We have done family relations minimal partnerships. There are lots of various other techniques to lower your estate and you may work for your family, to not ever the hindrance.
Doug Fabian: Susan, let’s also put on the list just to revisit that 529. You really piqued my interest with the 529 comments today. Sometimes, I think that that’s a savings plan option that gets overlooked, so what should listeners do regarding 529s?
We have done spousal lifestyle access trusts
Susan Travis: We do projections. How many children, grandchildren, you want to provide an education for? And is it in the K-12 private school? Is it undergraduate? Is it graduate? Also, remember that you can change the beneficiary. So, we also try to project how much each child is going to need, how many years it is until they’re going to need it, because we don’t want to over fund them. What we find is sometimes children get scholarships, children don’t go to the college level that the grandparent may have wanted us to project for, and so being able to change that beneficiary is key. Now, those other changes and additional advantages that I’ve pointed out are now available on 529s, really make it worth revisiting.
Doug Fabian: Well, Susan, you have given us some great information, great action steps. Thank you so much for lending your expertise https://badcreditloanshelp.net/payday-loans-nd/elgin/ to the Science of Economic Freedom podcast, and I just want to say thank you for joining us today.
What if you devote the most $step 3,600 annually into the an enthusiastic HSA in the period of 31 around 65, and you can let’s merely state i have a great 5% increases
Susan Travis: You’re more than welcome. I love doing this, and I think that’s what makes Mercer Advisors really special is we have a lot of people that went into financial planning because they wanted to help clients succeed. And we’re allowed to do that, and so, yes, please call us if we can help.