Almost half of Millennials and Gen Z are investing for retirement through an HSA account. According to Charles Schwab’s 2022 401(k) Participant Study, “48% of Millennials and Gen Z’ers who are offered the option to contribute to a Health Savings Account (HSA) choose to do so.” Further, a Fidelity Investments report shows that young Americans are “grossly underestimating” how much they will need to save for future medical expenses. They estimate that “a 65-year-old couple retiring in 2022 can expect to spend an average of $315,000 in healthcare and medical expenses in retirement.” Meanwhile, the average American expects to pay only $41K. Young workers are taking advantage of HSA accounts in order to prepare for their futures and plan on strategically using them to save money. YPulse research shows retirement benefits are a top priority for young job seekers and 46% of 20-38-year-olds are saving for retirement, while 56% think they’ll be able to save enough money for retirement. (CNBC)
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