Retirement money tips for investors: Withdrawals, HSAs, and why it's important to focus

Retirement Planning & Investment Strategies - Approximately 42 million people in the US will turn 65 this year, highlighting the increasing need for retirement planning [1] - Rolling over a 401k into a checking account is considered dangerous due to potential taxes and penalties if not rolled into a qualified account like an IRA [3][4] - Health Savings Accounts (HSAs) are described as triple tax advantage accounts (tax-free in, tax-free growth, tax-free out for qualified medical expenses) and can serve as supplemental retirement accounts [8][9] - Overfunding an HSA results in a 6% penalty per year on the excess contribution [10] - Only 6% of people with HSAs have activated the investment function, missing out on potential market growth [16] Financial Habits & Long-Term Planning - Unconscious spending habits can lead to financial crisis; focusing on income, expenses, and where money is going is crucial [21][22] - Small business owners should prioritize saving for retirement, even with small amounts, and avoid relying solely on their business as their retirement plan [23][24] - A long-term planning horizon (10 years or more) improves the chances of a better retirement outcome [25][26] - It's important to understand annual spending needs 5-10 years before retirement to effectively plan for the cost of living in retirement [37] Retirement Account Considerations - When inheriting a Roth IRA, children must withdraw all the money within 10 years, but the withdrawals are tax-free [33][34] - For those required to take Required Minimum Distributions (RMDs) from an IRA, Qualified Charitable Distributions (QCDs) can be a tax-efficient strategy [29][30][31]