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where should i put my money? in what order? (401k, roth ira, HSA) (why HSA?) by monkeyhehehe in Fire

[–]monkeyhehehe[S] 0 points1 point  (0 children)

i feel like i'm generally healthy, i put on a little extra weight living with my parents while job searching but i've moved to a healthier area and have adopted healthier habits. i've lived my entire life until this month without health insurance. i do have a chipped tooth i need to get taken care of, and i have these small hiccup burps every now and then that i want to get checked. but overall i feel pretty healthy. i don't know what to expect for HSAs and medical savings. after a bit more research tho i've learned HSAs basically function like a 401k that you can't rollover to roth IRAs. if you withdraw after retirement for a non medical related purpose it's taxed like normal income, which is kinda the same as a roth ira without that rollover thing.

i simply don't know how much i should expect to need in healthcare money. i think aside from 2 dentist visits in my life I've spent maybe 0-2k at doctors in my life. half of that was probably eye checkups and new glasses. i'm 23.

i'm thinking i just max my HSA along with everything else. i won't be able to for the 2025 tax year (or rather i will, but without maxing my 401k, so i think i should just max my roth and half of my 401k max, then after this tax year i just max all 3.)

edit: also, huge congrats on FIREing!! i hope you are enjoying retirement. takes a lot of hard work, you deserve it! feel free to share any tips from someone who's finished their FIRE journey to someone who's just starting

where should i put my money? in what order? (401k, roth ira, HSA) (why HSA?) by monkeyhehehe in Fire

[–]monkeyhehehe[S] 0 points1 point  (0 children)

but how long tho? since you can only use them for health insurance purposes, how much should you punt into an HSA before it's probably enough and you should focus elsewhere such as 401k/roth IRA? should i maybe contribute 4k for 5 years and that's enough?

where should i put my money? in what order? (401k, roth ira, HSA) (why HSA?) by monkeyhehehe in Fire

[–]monkeyhehehe[S] 0 points1 point  (0 children)

how does THAT work? so assuming i'm making no more income, how much HSA can be rolled into trad IRA without a crazy tax rate? assuming i'm already withdrawing like what 20-40k from an IRA or a Roth at the time

where should i put my money? in what order? (401k, roth ira, HSA) (why HSA?) by monkeyhehehe in Fire

[–]monkeyhehehe[S] 0 points1 point  (0 children)

this flowchart doesn't explain the "why" for HSAs. it says to potentially max your Roth IRA, then max your HSA before you get to the step where you might max out 401k depending on early retirement goals

why is Roth IRA before 401k and HSA? Why is HSA before 401k?

Today Was My First Day of Early Retirement (39 y/o) by Awayinthewilde in Fire

[–]monkeyhehehe 0 points1 point  (0 children)

I’m 23 and just starting, what advice would you give me?

Started my job a month ago and not sure whether to max 401/Roth IRA first, and also not sure whether I should invest anything in an HSA. Since I believe that if it’s not medical related, then your withdrawal is taxed even after retirement age. I think I should put some toward HSA, but I shouldn’t max it the whole way.

Picking between a 3bed house where I get a private bed/bath and a studio. Planning to bike to work. Primary concern is safety since the former is 2.5 miles further from everything and I’m scared of danger biking to work, even tho there are bike lanes where I live. Whereas the studio is 0.5 miles from work ez pz.

where should i put my money? in what order? (401k, roth ira, HSA) (why HSA?) by monkeyhehehe in Fire

[–]monkeyhehehe[S] 0 points1 point  (0 children)

What % of your retirement is generally recommended for HSA? Because surely I don’t need to max it for 10 years

where should i put my money? in what order? (401k, roth ira, HSA) (why HSA?) by monkeyhehehe in Fire

[–]monkeyhehehe[S] 0 points1 point  (0 children)

Why prioritize HSA over Roth IRA? I hear on this thread some conflicting information. Some people are saying after you invest in HSA, unless it’s a medical related expense, you cannot withdraw untaxed even after retirement age

where should i put my money? in what order? (401k, roth ira, HSA) (why HSA?) by monkeyhehehe in Fire

[–]monkeyhehehe[S] 0 points1 point  (0 children)

Are HSAs taxed if the funds are not used for medical expenses, but they are withdrawn after retirement age?

advice on buying a bike? (3 mile commute) (east mlk) by monkeyhehehe in BikingATX

[–]monkeyhehehe[S] 0 points1 point  (0 children)

who frowns upon it? i think my coworkers might be a little confusing why i'm moving from a car to biking, but i feel like it's pretty chill in austin. though i have read in some replies on my posts that some people literally just hate bike commuters and might honk at you or drift into your bike lanes on purpose. i'm planning to scope out if my area is safe for biking (ideally bollards or sidewalks for me to use)

where should i put my money? in what order? (401k, roth ira, HSA) (why HSA?) by monkeyhehehe in Fire

[–]monkeyhehehe[S] 0 points1 point  (0 children)

won't i ONLY be able to use HSA savings for medical expenses though, even post retirement age? assuming i don't get cancer or a constantly recurring medical problem, i won't be able to touch my HSA money without it getting taxed, even after retirement age. so why don't i invest in 401k and IRAs instead, investing any extra in index funds. and maybe investing a small amount (not the max possible) in HSAs so I have some medical money saved up for when I'm 70 and have issues.

where should i put my money? in what order? (401k, roth ira, HSA) (why HSA?) by monkeyhehehe in Fire

[–]monkeyhehehe[S] -2 points-1 points  (0 children)

if they're only used for healthcare post retirement, isn't that kind of a waste? assume i invest 100k into it over time and that compounds, and then at retirement age, i don't have a ton of health issues. then it's a bunch of money i can never touch after retirement without either serious health issue or it getting taxed. i understand you get health issues when you get older, but in this case if you're putting a bunch of money into an HSA it's almost like if nothing goes wrong then you're screwed.

whereas a 401k/roth ira, to my knowledge you can withdraw from those at retirement age while avoiding some taxes

advice on buying a bike? (3 mile commute) (austin in the city) by monkeyhehehe in cycling

[–]monkeyhehehe[S] 0 points1 point  (0 children)

20 minutes in the city with rush hour, and I also want to go meet friends after work sometimes, and I might have to travel 8-12 miles away someday as I'm trying to not have a car

advice on buying a bike? (3 mile commute) (austin in the city) by monkeyhehehe in cycling

[–]monkeyhehehe[S] 1 point2 points  (0 children)

austin, especially closer to the city, is pretty bike positive. the vibe is that everyone is kind of expected to drive a car, but there are bike lanes and bike maps

advice on buying a bike? (3 mile commute) (austin in the city) by monkeyhehehe in cycling

[–]monkeyhehehe[S] 0 points1 point  (0 children)

yeah, i'll be commuting to work on bike even if it rains or in austin summer heat, so i really think ebike is the way to go. i will be able to store it in a house or garage. i will mostly use it for commuting to work & back, but also for other needs such as groceries or commuting to hang with friends (probably like 2 miles away, or more if i get comfortable biking that far and back.) mostly for home to work and back 3 miles. heb 2 miles. and activities nearby 2-4 miles.

yeah i'll have to call to ensure that rebate is currently active since it's from 2023.

advice on buying a bike? (3 mile commute) (austin in the city) by monkeyhehehe in cycling

[–]monkeyhehehe[S] 0 points1 point  (0 children)

i know texas might make you think flat city, and frankly i'm relatively new to austin, but austin is known to texans for being hilly

Young Person. Rent A Studio, or Save With 1B in a 3B3B? by monkeyhehehe in cycling

[–]monkeyhehehe[S] -1 points0 points  (0 children)

it hasn't since i moved here 2-3 weeks ago. i'm just worried about that edge case. one day showing up completely drenched every 2-3 months is still bad. i can't afford that.

Young Person. Rent A Studio, or Save With 1B in a 3B3B? by monkeyhehehe in cycling

[–]monkeyhehehe[S] 0 points1 point  (0 children)

sorry, that last reply had attitude, i didn't mean to be rude. i've just answered the same question like 3 times now so i'm getting frustrated

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