Hi, all -
I am receiving a decent sized inheritance (about $500k) within the next month. We don’t have debt, but we also don’t have all that much saved for retirement. My plan is to largely live off of the inheritance while we fully fund my husband’s TSP and my 401k, as well as maxing out our IRAs. My husband is 60, and I’m 55, so that will be $31,000 for me and $34,750 for him for retirement, plus $8,000 each for IRAs. We don’t come close to reaching the phase-out levels.
I’m also thinking of having my husband switch us from GEHA Standard Option to GEHA HDHP so that we can fully fund an HSA at $9,550. (I did check with GEHA, and the in-plan providers are the same for both, which is why I would like to stay with GEHA.) We would pay for medical expenses out of pocket (family plan) so that we could treat the HSA as a retirement account. So…a couple of questions…
1) Am I right in understanding that GEHA would put $2,000 in HSA Bank, but that my husband could have his HSA withholdings sent to a Fidelity HSA account? Or does it all have to go to HSA Bank?
2) We know we have some large medical expenses coming up in 2025. As long as we have $12,000 earmarked for medical expenses, and we stay in-network, we should be okay, right? Since that’s the maximum out-of-pocket for the family plan?
3) Are there any other questions I should be asking or considerations to take into account? (Yes, I am aware that this is co-mingling some of my inheritance funds, which I’m fine with.)
I’ll be investing the balance of funds not needed for living expenses using the 3-fund portfolio plan.
Thanks!
I am receiving a decent sized inheritance (about $500k) within the next month. We don’t have debt, but we also don’t have all that much saved for retirement. My plan is to largely live off of the inheritance while we fully fund my husband’s TSP and my 401k, as well as maxing out our IRAs. My husband is 60, and I’m 55, so that will be $31,000 for me and $34,750 for him for retirement, plus $8,000 each for IRAs. We don’t come close to reaching the phase-out levels.
I’m also thinking of having my husband switch us from GEHA Standard Option to GEHA HDHP so that we can fully fund an HSA at $9,550. (I did check with GEHA, and the in-plan providers are the same for both, which is why I would like to stay with GEHA.) We would pay for medical expenses out of pocket (family plan) so that we could treat the HSA as a retirement account. So…a couple of questions…
1) Am I right in understanding that GEHA would put $2,000 in HSA Bank, but that my husband could have his HSA withholdings sent to a Fidelity HSA account? Or does it all have to go to HSA Bank?
2) We know we have some large medical expenses coming up in 2025. As long as we have $12,000 earmarked for medical expenses, and we stay in-network, we should be okay, right? Since that’s the maximum out-of-pocket for the family plan?
3) Are there any other questions I should be asking or considerations to take into account? (Yes, I am aware that this is co-mingling some of my inheritance funds, which I’m fine with.)
I’ll be investing the balance of funds not needed for living expenses using the 3-fund portfolio plan.
Thanks!
Statistics: Posted by SooooMuchToLearn — Sun Nov 24, 2024 5:55 am — Replies 0 — Views 56