Our daily roundup of retirement news your clients may be thinking about.
Social Security sign-up can bring clients an unpleasant surprise Retirees that are at least 65 years of age, with a tax-deductible health savings account, can no longer make contributions upon filing for Social Security and the subsequent sign-up for Medicare Part A coverage, reminds this article in Kiplinger. According to IRS rules, retirees are actually required to stop HSA contributions six months prior to receiving Social Security benefits. It is important for retirement-age workers to consult their employers about other health plan choices and comparable support if they receive HSA employer contributions before they start filing for Social Security. — Time Money
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