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Two-thirds of employers offered investing options for health savings accounts in 2024. But only 20% of HSA participants invested their assets, according to the Plan Sponsor Council of America.
The majority could be missing out on triple-tax benefits, which could help grow HSA balances for retirement health expenses.
For 2026, the HSA contribution limit will increase to $4,400 for self-only health coverage or $8,750 for family plans, the IRS announced in May.

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As open enrollment arrives, millions of Americans face key decisions, such as picking health insurance. If the plan comes with access to health savings account, or HSA, contributions, you could use the funds for long-term investments, experts say.    
While most workers spend HSA money on yearly out-of-pocket health expenses, a small percentage invests the balance, which can grow tax-free for future medical costs.      

“The plan is to go into retirement with a six-figure HSA,” said certified financial planner Dan Galli, owner of Daniel J. Galli & Associates in Norwell, Massachusetts. When coupled with other Roth and after-tax retirement funds, “this is the holy grail of retirement planning,” he said.

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More than 59 million Americans had an HSA as of Dec. 31, 2024, according to a survey from Devenir, a company that provides HSA investment solutions and research, and the American Bankers Association’s Health Savings Account Council. The survey polled the top 20 HSA providers. 
President Donald Trump’s “big beautiful bill” enacted in July expanded access to HSAs by making more marketplace health plans HSA-eligible, among other changes.
The interest in investing HSA funds comes as the cost of medical expenses in retirement continues to climb. A 65-year-old retiring in 2025 can expect to spend an average of $172,500 on health care during their retirement years, up more than 4% from 2024, according to a July report from Fidelity Investments. This does not include the cost of long-term care.
Here are some of the key benefits of investing your HSA balance — and how it can help offset future health expenses. 

HSAs have triple-tax benefits

To make health savings account contributions, you must have a qualifying high-deductible health insurance plan. For 2026, the HSA contribution limit will increase to $4,400 for self-only health coverage or $8,750 for family plans, the IRS announced in May.
For healthier clients, some advisors suggest picking a high-deductible plan for access to HSA contributions. But it can be risky: Typically, these plans have lower monthly premiums, but out-of-pocket expenses are higher.

An HSA is a high priority for long-term savings because it’s the only account with three tax benefits. Contributions are tax-deductible, the funds grow tax-free and you don’t pay levies on withdrawals for medical expenses, which is “powerful,” according to Galli.
In the meantime, if you pay for out-of-pocket health expenses, you can save the receipt and reimburse yourself anytime, Galli said.

Most HSA participants aren’t investing funds

While HSAs offer generous tax benefits for long-term savers, most participants aren’t investing their balances, research shows.
“The reality is that many people need to access their funds for current expenses,” said Hattie Greenan, director of research and communications for the Plan Sponsor Council of America.
Two-thirds of employers offered investing options for HSA contributions in 2024, according to the Plan Sponsor Council of America’s 2025 HSA survey released in September, which polled about 600 U.S. employers. But only 20% of HSA participants invested their assets in 2024, up from 18% in 2023.
One reason for the small percentage of invested funds could be the minimum balance requirements, which were at least $1,000 for three-quarters of the companies polled, according to Greenan.
If you’re using your HSA balance for current-year health expenses, that $1,000 minimum can be “hard to maintain,” she said. More

Some Americans may have a false sense of security about their ability to meet expenses through their retirement years, according to a new Prudential survey.
“Feeling ready is very different than actually being ready,” said Caroline Feeney, global head of retirement and insurance for Prudential.
It’s an important distinction, especially as the baby boomer generation hits “peak 65.”

Even as a record number of Americans are reaching retirement age, many adults have not considered the impact that inflation and Social Security benefits will have on their financial future. 
A new global survey by Prudential found 89% of wealthy U.S. adults polled said they are confident they’d be able to cover essential costs in retirement. Yet the rising cost of housing, groceries and health care can eat into savings — and just 55% of U.S. respondents said they’ve factored inflation into their retirement planning.

It’s a “confidence paradox,” said Caroline Feeney, global head of retirement and insurance for Prudential: “Feeling ready is very different than actually being ready.”
“People feel ready, so they’re not taking the necessary action and plans now to start saving and leaning into closing what may be a real retirement gap for their futures that they’re not aware of,” she said.

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It’s an important distinction, especially as the baby boomer generation hits “peak 65.” More than 11,200 individuals are turning 65 every day through 2027, according to a January 2024 paper from the Alliance for Lifetime Income.
The consumer price index, a key inflation gauge, rose 3% in September from a year earlier, according to the Bureau of Labor Statistics.
Meanwhile, the Social Security cost-of-living adjustment for 2026 will be 2.8%. The adjustment, meant to help ensure benefits keep up with inflation, will add about $56 a month on average to retirement benefit payments starting in January.

But retirees’ spending has outpaced inflation in recent years, according to research from Goldman Sachs Asset Management. And Prudential’s survey showed 63% of U.S. respondents are concerned about government programs such as Social Security being able to pay benefits when they retire.
Prudential’s survey, conducted online by Brunswick Group in August, included 4,200 adults age 30 and older in the U.S., Brazil, Mexico and Japan. Respondents had $100,000 or more in investable assets or the equivalent amount in each country.

How to get a better sense of retirement needs

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Many people are initially “very optimistic” about their retirement, said certified financial planner Uziel Gomez, founder of Primeros Financial in Los Angeles, who works primarily with Gen Z and millennial clients. 
They’re “thinking that they could cut down expenses when they retire,” said Gomez, who is a member of CNBC’s Financial Advisor Council. “When in reality, they usually spend more because they have more time to do a lot of the things that they enjoy doing.”
More than half, 54%, of Americans in a new survey by Principal Financial Group said they believe their financial situation will improve during their lifetime, but the same share said they still fear running out of savings once they retire. The survey polled 1,000 U.S. adults in spring 2025 who described themselves as having sole or shared responsibility for household financial decisions. 
“If half of the people feel they are well set on their path, I think what they’re really asking for is more tools for them to live through retirement. But the other half has very low confidence they’ll get to their destination, and they need more encouragement on saving,” said Kamal Bhatia, president and CEO of Principal Asset Management. “Most people don’t have a good sense of what they really need, both to save and live off of.”
Retirement worries tend to be greatest among Americans closer to retirement. Nearly 70% of Gen X, ages 44 to 59, and 50% of baby boomers, those ages 60 to 78, said they don’t believe their savings are sufficient to pay for their retirement, the Principal survey found. 
Working with a financial advisor can help you create a clear plan and take steps to get — and stay on — track.
In the Prudential survey, 93% of all respondents working with a financial advisor expressed confidence in covering essential retirement expenses, compared with 83% of those without an advisor. The confidence gap was wider when asked about covering nonessential expenses, at 86% to 68%.
Free online retirement calculators can also help you check whether your savings are on target. Those include options from government agencies such as the Social Security Administration and Department of Labor, as well as tools from financial firms such as Principal, Prudential and Vanguard, among others.
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There is an inherited IRA change for 2025 that could trigger an IRS penalty of up to 25% before year-end.
Starting in 2025, certain non-spouse heirs, including adult children, must start taking required minimum distributions while emptying their inherited IRA over 10 years.
Previously, the IRS waived penalties for missed RMDs from inherited IRAs.

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If you inherited an individual retirement account, there is a key change for 2025 that — without action on your part before year-end — could trigger an IRS penalty of up to 25%.
Starting in 2025, certain non-spouse heirs, including adult children, must start taking required minimum distributions, or RMDs, while emptying their inherited IRA over 10 years, according to IRS regulations released in 2024.   

The change comes as investors prepare for the “great wealth transfer,” with more than $100 trillion expected to flow to heirs through 2048, according to a December report from Cerulli Associates. Much of that wealth will eventually move from parents to adult children, and tax planning for that windfall will be important, experts say.

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Some heirs should consider depleting accounts sooner than the IRS requires, depending on their tax situation, experts say.
Here are the key things to know about the 2025 change and how to avoid an IRS penalty.

Who must take RMDs for 2025

Since 2020, certain inherited accounts are subject to the “10-year rule,” which means heirs must deplete the balance by the 10th year after the original account owner’s death.    
The “10-year rule” and new RMD requirement apply to most non-spouse beneficiaries, such as adult children, if the original IRA owner reached RMD age before their death. 

“Most of our clients fall into that 10-year window,” and they have faced “years of ambiguity” about RMDs, said certified financial planner Kristin McKenna, president of Darrow Wealth Management in Needham, Massachusetts.

Before the IRS released guidance last year, it was unclear whether yearly RMDs were required during the 10-year drawdown. As a result, the agency waived penalties for multiple years for missed RMDs on inherited IRAs.
But starting in 2025, specific heirs must start annual RMDs or could face a 25% penalty on the amount they should have withdrawn. 
It’s possible to reduce that fee to 10% by withdrawing the right RMD within two years and filing Form 5329. In some cases, the agency will waive the penalty entirely.
“A lot of clients are getting that excise tax waived” by correcting the RMD, filling out the form and providing a “reasonable explanation,” IRA expert Denise Appleby, CEO of Appleby Retirement Consulting, previously told CNBC.

Play the ‘income tax bracket game’

Even if RMDs don’t apply to your inherited IRA for 2025, most heirs still must deplete the balance within 10 years. That could require planning to avoid a giant tax hit in the final year, experts say.
For example, you can “play the income tax bracket game,” by taking withdrawals sooner during lower-earning years, said CFP Marianela Collado, CEO of Tobias Financial Advisors in Plantation, Florida. She is a member of CNBC’s Financial Advisor Council.
“There might be room to fill up the lower brackets,” when income is temporarily lower, said Collado, who is also a certified public accountant.
However, you also have to consider the tax consequences of increasing income, such as phasing out tax breaks enacted via President Donald Trump’s “big beautiful bill.”
“There are so many things to think about” when timing inherited IRA withdrawals, said McKenna, of Darrow Wealth Management. “It requires a very thoughtful analysis.” More

The Senate this week passed a bill to fix IRS math error notices for filers who make simple mistakes on their tax returns.
The Internal Revenue Service Math and Taxpayer Help Act, or IRS MATH Act, cleared the House earlier this year and is headed to President Donald Trump’s desk for signature.
During tax year 2023, the IRS sent more than one million math error notices, for over 1.2 million mistakes, according to the agency.

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The Senate this week unanimously passed a bill to fix IRS notices for filers who make simple mistakes on their tax returns.
The legislation, known as the Internal Revenue Service Math and Taxpayer Help Act, or IRS MATH Act, cleared the House earlier this year. It is now headed to President Donald Trump’s desk for signature.

Currently, the IRS sends filers so-called “math error notices” when it finds basic math or clerical mistakes on tax returns. The notices cover the agency’s proposed changes and additional taxes owed.
During tax year 2023, the IRS sent more than one million math error notices, for over 1.2 million mistakes, according to the agency’s latest Data Book. By comparison, the agency sent about 700,000 notices for roughly 850,000 math errors for tax year 2022.
While the new law won’t reduce tax return errors, it could make it easier for taxpayers to understand what went wrong and the next steps to take, experts say.

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Taxpayers must respond to math error notices within 60 days or the IRS changes become final. But some lawmakers and other advocates have said the notices are unclear.
“No one should have to spend a fortune on a lawyer or hours trying to figure out what went wrong on their taxes when the IRS already knows the answer,” Sen. Elizabeth Warren, D-Mass., said in a statement on Tuesday.

Sen. Bill Cassidy, R-La., said in a statement: “If the IRS thinks someone made an honest mistake filing their taxes, the IRS should be clear about how to correct it.”
The legislation comes as some advocates worry about future taxpayer service amid the government shutdown, IRS furloughs and recent agency staffing cuts.
The IRS has lost 17% to 19% of workers covering “key IRS functions” needed for the filing season, according to a September report from the Treasury Inspector General for Tax Administration.

How IRS ‘math error’ notices work

Typically, you have 60 days to respond to IRS math error notices before the new tax assessment becomes final. At that point, you forgo your right to challenge the agency’s position in tax court.
However, these letters often don’t clearly explain the reason for the tax adjustment and don’t explicitly cover the consequences of failing to respond within 60 days, National Taxpayer Advocate Erin Collins wrote in January in her latest annual report to Congress. 
For tax year 2023, the biggest errors were calculating income tax, including self-employment and household employment taxes, the IRS reported.

How math error notices will change

The new legislation requires that IRS math error notices must include:

Description of the error, including the type of mistake
Federal tax return line item location for error
Itemized computation of the IRS’ proposed change
Phone number for automated transcription service
Clear deadline to request abatement, or disagreement of taxes due

“This new law directly addresses long-standing issues with how the IRS communicates and resolves mathematical or clerical errors on tax returns,” Melanie Lauridsen, vice president of tax policy and advocacy with the American Institute of Certified Public Accountants, said in a statement on Wednesday.  More

During the government shutdown, federal student loan borrowers should still be able to apply for a new repayment plan or speak with customer service.
“We’re not really impacted at the moment,” said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers.
But most student loan forgiveness applications likely won’t be approved until the Education Department resumes operations.

The Dome of the U.S. Capitol Building is visible in reflection on October 14, 2025 in Washington, DC.
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As the government shutdown stretches on, it’s not easy for borrowers to gauge what’s happening with their student loan debt.
The U.S. Department of Education has been sending out forgiveness notices to some borrowers, for example, but a lawsuit related to repayment plans and debt cancellation is on hold during the stalemate in Washington.

One thing that’s not on pause: student loan payments. During the government shutdown, borrowers still need to pay their monthly bills, according to a Department of Education memo from late September.

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With no end to the stalemate in sight, here’s what else federal student loan holders need to know about what tasks they can and can’t do related to their debt.
“Don’t panic,” said Betsy Mayotte, president of The Institute of Student Loan Advisors, a nonprofit that helps borrowers navigate the repayment of their debt. “The vast majority of actions related to federal student loans continue to be available.”

Borrowers can still do ‘pretty much everything’

The U.S. government shut down on Oct. 1, meaning workers across federal agencies are temporarily on unpaid leave, including staffers at the Education Department.
Fortunately for federal student loan borrowers, most of their loan tasks are handled by companies the government contracts. These student loan servicers, including Nelnet and CRI, continue to operate.

“We’re not really impacted at the moment,” said Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers.
For now, borrowers can still do “pretty much everything,” Buchanan said. They can apply for new repayment plans, request current billing statements and talk to customer service, he said.
If you don’t know which company is managing your student loans on behalf of the Education Department, you can find out at Studentaid.gov.
Borrowers can also submit loan forgiveness applications under programs like the Public Service Loan Forgiveness program and the Total and Permanent Disability Discharge.
Getting loan cancellation approved, however, is another story.

Where borrowers will feel shutdown effects

While federal student loan borrowers can apply for debt cancellation programs during the government shutdown, they won’t see relief until agencies reopen, said Nancy Nierman, assistant director of the Education Debt Consumer Assistance Program in New York.
“Actual discharge will be delayed as that has to be approved by the Department of Education, which has furloughed or laid off most of its staff,” Nierman said.
Delayed forgiveness could lead to a tax bill for borrowers. The American Rescue Plan Act of 2021 made student loan forgiveness tax-free at the federal level through the end of 2025. But President Donald Trump’s “big beautiful” tax-and-spending package did not extend or make permanent that broader provision, meaning loan erasure may lead to a bill from the IRS come January.

Some student loan borrowers were already experiencing delays to their loan forgiveness applications under the Trump administration, even before the shutdown.
The delays prompted the American Federation of Teachers to bring a legal challenge against Trump officials in March, in which it accused the Education Department of denying borrowers their rights to the debt forgiveness opportunities mandated in their loan terms.
That lawsuit is on hold during the government shutdown.

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Amid the government shutdown, Congress is wrestling over the future of Affordable Care Act health insurance subsidies, which currently make Marketplace coverage more affordable for certain Americans.
The final decision could impact tax planning for financial planning clients, including Roth IRA conversions, experts say.
Roth conversions increase your income, which can impact eligibility for ACA premium subsidies.

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Here are some key things to know about ACA health insurance subsidies — and how changes could impact future Roth conversions.

How the ACA health insurance subsidies work

Enacted via the Affordable Care Act, the premium tax credit was designed to make marketplace health insurance more affordable for Americans with incomes between 100% and 400% of the federal poverty level.
In 2021, Congress expanded eligibility above 400% of the federal poverty level, a benefit that was extended through 2025. The legislation also capped a household’s out-of-pocket health insurance premium costs at 8.5% of income.
The higher eligibility for 2025 leaves “more room to create income” via Roth conversions while still leveraging a portion of ACA health insurance subsidies, according to Tommy Lucas, a certified financial planner at Moisand Fitzgerald Tamayo in Orlando, Florida. His firm is ranked No. 69 on CNBC’s Financial Advisor 100 list for 2025. 

For 2025, the earnings threshold amounted to $103,280 for a family of three, according to The Peterson Center on Healthcare and KFF, which are health-care policy organizations.
However, the ACA subsidies were not addressed in President Donald Trump’s “big beautiful bill,” and will expire after 2025 without action from Congress.
Depending on what Congress decides, it could change how much income certain retirees choose to incur for future Roth conversions, Lucas said.
Of course, Roth conversion projections typically involve multiple factors beyond current-year tax implications, including long-term financial goals, lifetime taxes and legacy planning.

Roth conversions could also increase

If ACA subsidies expire, some investors may reduce Roth conversions, while others may choose to convert more in 2026, experts say.
“People who make more than 400% of [federal poverty level] will definitely pay more for ACA premiums,” said CFP John Nowak, founder of Alo Financial Planning in Mount Prospect, Illinois. He is also a certified public accountant.
But if you’re over that income threshold, there would be no risk of reducing or eliminating the premium tax credit. That could make Roth conversions more appealing without the threat of “extra tax” via lower subsidies, he said.
Of course, investors still need to consider how raising their adjusted gross income could trigger other tax consequences, experts say. 
For example, boosting your adjusted gross income could trigger higher Medicare Part B and Part D premiums. More

Federal student loan borrowers have been getting emails from the U.S. Department of Education that their debt will soon be forgiven.
Here’s who qualifies for the latest round of relief.

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In recent weeks, some federal student loan borrowers have received welcome news: The U.S. Department of Education will soon cancel their remaining debt.
“You are now eligible to have some or all of your federal student loan(s) discharged because you have reached the necessary number of payments under your Income-Based Repayment (IBR) Plan,” reads an email sent to one borrower.

The notices stand out, consumer advocates say, because student loan forgiveness has become rare under the Trump administration.

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Since President Donald Trump took office, the U.S. Department of Education has stopped the relief under several programs in response to court actions and recent legislation. Meanwhile, tens of thousands of borrowers find themselves stuck in a backlog of buyback applications for Public Service Loan Forgiveness, an initiative that guarantees debt erasure for public servants after a decade.
The Education Department did not respond to a request for comment.
Here what to know about who qualifies for the latest round of loan cancellation.

Borrowers must be enrolled in IBR plan

While many student loan borrowers switch repayment plans over the life of their loan, the only plan that currently qualifies for debt cancellation after a certain period is the Income-Based Repayment plan, or IBR.

That’s due to recent court actions and Trump’s “big beautiful bill,” which phases out several existing income-driven repayment plans, or IDRs.
Congress created the first IDR plans in the 1990s to make student loan borrowers’ bills more affordable. Historically, the plans cap people’s monthly payments at a share of their discretionary income and cancel any remaining debt after a certain period, typically 20 years or 25 years.

Borrowers who are receiving these latest notices have likely transferred from an IDR plan that no longer concludes in debt forgiveness, such as the Income-Contingent Repayment plan, or ICR, to IBR.

Borrowers may need up to 300 qualifying payments

To qualify for IBR forgiveness, a borrower needs to be in repayment for 20 years or 25 years, depending on the age of their loans.
IBR, which has been available since 2009, offers debt cancellation after 240 payments to those who borrowed after July 1, 2014. For loans taken out before that date, borrowers were required to make 300 payments before the Education Department would scrub their balance.
If you’ve been in repayment long enough to qualify for the relief but still haven’t received a loan forgiveness email, you should continue making payments, said higher education expert Mark Kantrowitz. You don’t want to be flagged as late, and any overpayments should be refunded to you, he said.
Borrowers who have switched repayment plans over the years may find some payments on other plans qualify toward IBR forgiveness. As long as your payments were made on an IDR plan, experts say, that time should count toward your forgiveness timeline once you’re enrolled in IBR.

Government shutdown could mean delays in relief

According to the Education Department forgiveness emails, the qualifying borrowers’ IBR loan discharges will be processed “over the next several months,” and they have until Oct. 21 to opt out of the relief.
The ongoing government shutdown could delay the loan cancellation, said Carolina Rodriguez, director of the Education Debt Consumer Assistance Program.
“That said, many borrowers may feel somewhat desensitized to these delays, given the existing backlog, which has been exacerbated by prior staffing reductions within the Department of Education,” Rodriguez said.
Have you received an email from the Education Department stating that you qualify for IBR forgiveness? If you’re willing to share your experience for an upcoming article, please email me at [email protected]. More

College price tags are daunting, but most families don’t pay the sticker cost.
Hefty discounting “goes on behind the scenes” often in the form of merit aid, The New York Times columnist Ron Lieber said Friday at a summit in New York.
Still, every school calculates aid differently, according to Robert Franek, editor-in-chief of The Princeton Review, “leaving families desperate for transparency and predictability.”

Ivy League architecture at Princeton University.
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Often in the form of merit aid, the average tuition discount for first-time, full-time students at private colleges is roughly 56%, Lieber previously reported.
But “all of this discounting … goes on behind the scenes,” said Lieber, who is the author of “The Price You Pay for College.”

‘High-tuition, high-aid’

Over time, there has been a slow shift to a “high-tuition, high-aid” model, where colleges both raise tuition and increase grant aid, according to Emily Cook, an assistant professor of economics at Texas A&M University.

Now, about two-thirds of all full-time students receive some sort of financial assistance, which can bring college costs significantly down. 
“The list price is not the actual price,” Lieber said at Friday’s event, which was co-sponsored by the National Endowment for Financial Education.

The net price students and their families pay for college is the tuition cost minus grants, scholarships and other types of aid.
However, “every school calculates aid differently,” said Robert Franek, editor-in-chief of The Princeton Review, “leaving families desperate for transparency and predictability.”
“Tuition discounting is a big part of how this evolved,” Franek said. “Colleges rely on higher sticker prices to fund the aid that brings many students’ costs back down. But the optics are daunting — and for families who don’t yet know their aid package, that six-figure number can feel like a closed door.”
Price is now the biggest consideration among students and parents when choosing a college, according to The Princeton Review. Financial concerns govern decision-making for 8 in 10 families, a report by education lender Sallie Mae also found — outweighing even academics when deciding between schools.
For most college-bound students and their parents, it often comes down to their “ability to pay” and their “willingness to pay,” Lieber said. “Schools are trying to guess exactly where you are on that continuum.”

What is a college degree worth?

Studies show that most people believe the value of a degree still far outweighs the cost.
“A mountain of research shows that college remains a worthwhile investment and the most powerful path to economic mobility,” said Sameer Gadkaree, the president and CEO of The Institute for College Access & Success.
However, many factors — including how much financial aid is offered and how much students have to pay out of pocket, as well as the choice of major, future earnings potential and how long it takes to graduate — determine the actual return on investment, according to a recent study by the Federal Reserve Bank of New York. 

The Princeton Review’s Franek advises students and families not to be deterred by the sky-high sticker prices.
Further, “the vast majority of colleges charge far less than six-figure tuition,” Gadkaree added. Although “it’s still difficult for many low- and middle-income students to afford these institutions without taking on debt.”
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