September 8, 2020—The global health pandemic is a reminder of how quickly and unexpectedly significant health care issues can arise.
Emerald GEM 19: The Timely Benefits of a Health Savings Account
About the Author
As part of the Wilmington Trust Emerald Family Office & Advisory team, Matthew is responsible for developing customized wealth management strategies and financial plans for prominent individuals, families, and business owners. He works closely with other professional and family advisors to analyze financial positions and develop plans to help clients achieve future personal and financial goals.
Matthew, who joined M&T Bank in 2009, has been helping individuals with their financial planning since 2006.
He holds a bachelor’s degree in finance from Canisius College and earned the CERTIFIED FINANCIAL PLANNER™ designation in 2011, and the CHARTERED FINANCIAL CONSULTANT® designation in 2015 from The American College. Matthew has also received the ACCREDITED ESTATE PLANNER® designation from the National Association of Estate Planners and Councils in 2019.
Matthew is an active member of the Financial Planning Association of Western New York and the Western New York Estate Planning Council.
By the Author
The Basics of a Health Savings Account
A health savings account (HSA) is a tax-advantaged way of saving for health care expenses now and in the future. The contributions you make to an HSA are income-tax-free, the growth and earnings are tax deferred (or tax-free), and the distributions are tax-free, provided they are used for a qualified health expense. A health savings account is also a portable account, meaning you own and control it, and there are no “use-it-or-lose-it” provisions.
Building a Strong Foundation for Your Financial Plan
Having a well-built plan can allow you to optimize opportunities as they emerge.Financial planning is a process, and one that should be built from a solid foundation.With the right plan in place, you can help provide stability and protection for your loved ones now and in the years ahead.It may be an excellent time to examine opportunities to optimize your financial planning based on changes in today’s economic environment.
Opportunities and Challenges Under the SECURE Act
Passed in December 2019, the SECURE Act changed several retirement plan provisions for both individuals and businesses.The elimination of the “stretch” provisions for most non-spouse beneficiaries of IRAs and defined contribution plans (like a 401(k)) was perhaps the most significant and publicized change that was brought about by the SECURE Act.The Act provides for a later starting date for required minimum distributions (RMDs) from retirement accounts, up to 72 from 70½.
Understanding the Tax Treatment of Retirement Plans
Make your retirement planning as tax-efficient as possible under today’s laws.Qualified savings plans and retirement accounts continue to offer taxpayers several options for saving for retirement.There are many additional opportunities and considerations for taxpayers to be mindful of in order to take full advantage of planning for retirement in the most tax-efficient manner.
