Ryan Halpern, CPA, CFP®, PFS's blog

While most of the country focuses on staying healthy and safe during the current pandemic, it’s hard to escape the real economic impact all of this has taken. The general age group most susceptible to the health dangers of COVID-19, people 60 years old and older, and includes many Americans who are nearing retirement. The recent stock market volatility has, in most cases, hit their portfolios.

Bonus checks will begin arriving during the next few weeks for millions of corporate executives and managers countrywide. While most people have anticipated this cash windfall, too many don’t have a clear plan on how to best save, invest and spend this money.

As 2019 open enrollment gets underway, I want to recommend that people strongly consider electing a high deductible health plan (HDHP) that is coupled with a Health Savings Account (HSA).  HSAs have significant tax benefits and are an excellent way to sock away money now for medical expenses in retirement.