If you’ve worked for most of your life, retirement is probably one of the events you’re most looking forward to. And you might have even planned out the projects you’re going to tackle, the trips you’re going to take or the hobbies you’re going to engage in. One thing you might not be thinking about is your health insurance come retirement.

Health Saving Accounts (HSA) benefits change as you get older, specifically once you hit 55 and again at age 65.

Let’s discuss investment options to grow your account and what to expect at age 55 and 65 regarding your HSA.

Turning 65 brings some big changes for retirees and near-retirees. At age 65 you become eligible for Medicare, and if you’ve been saving for retirement using an HSA, some key rule changes also kick in.

Are you thinking about enrolling in Medicare or applying for Social Security benefits? If so, this could automatically trigger you to start for Medicare Part A, which would make you ineligible to contribute to your Health Savings Account. The timing of your decision to enroll into Medicare impacts your HSA eligibility, so be careful not to trigger any penalties.

Retirement planning is not a one size fits all deal. Fortunately, there are several rules of thumb to consider when planning a retirement budget.

A couple of examples include the “Multiply by 25 Rule” and the “80 Percent Rule”.

To use the Multiply by 25 rule, determine how much money you want each year during retirement and multiply it by 25. If you want $40,000 to spend each year, you’ll need $1 million in your retirement portfolio.