April 23, 2024 PCSD Weekly Notifications
- April 23rd, 2024
Every Tuesday we send out an email to every employee with information from the district This email...
Have you looked at your retirement accounts lately? Utah Retirement Systems (URS) is here to help. Make sure you understand your options, and have your benefit correctly set up for your retirement by contacting URS. Even if retirement is a few years, or many years out, understanding your options is important for planning ahead.
If you are enrolled on the Qualified High Deductible Health Plan (HDHP) as your medical insurance plan, you likely have a Health Savings Account (HSA). Not only does this account allow you to pay for medical, dental, and vision expenses on a tax-free basis, but it can be used as a retirement planning tool.
Your HSA account will earn interest as a savings account. You are also able to invest your HSA money to earn additional returns or dividends. As long as additional money earned is used for qualifying expenses, it is also tax-free.
In looking ahead, growing your HSA balance for future medical needs is a great way to prepare for and to pay for increased medical expenses as you age.
When you enroll in Medicare, your HSA stays with you and may continue to grow via interest and investing. You can no longer contribute to the account with pre-tax dollars, but you can use funds in the account to continue to pay for eligible expenses tax-free. You may also use the money to pay for Medicare premiums.
If you decide to use your HSA for non-qualified expenses after you reach retirement age, you can do so with no penalty. Your HSA account, when used for non-health expenses, will function like a traditional IRA or 401K. You will be taxed, but not penalized, when you use the funds for non-eligible expenses. If you continue using the money for healthcare expenses though, it will remain tax free.
An HSA is the only savings vehicle that has triple tax savings – money goes in tax free, grows tax free, and can potentially be used tax free – forever!
If you have questions about Medicare and Social Security, the experts at srbenco.com can help. Review their useful videos to learn about your options. Browse through their publications for more specific information on topics important to you. Use their Medicare and Social Security experts to help guide you through your choices and options for both Medicare and Social Security Benefits.
Medicare and Social Security can be overwhelming. PCSD wants to ensure you have resources and expertise to help you with any questions you may have.
Every Tuesday we send out an email to every employee with information from the district This email...
Canyon Crest would like to announce the retirement of Paula Hatch Please join us at a...
The Colonial Heritage Festival is an amazing opportunity to step back in time and be part of...
To celebrate National Teacher Appreciation Day, our local McDonald’s owner/operators have...
With summer approaching, here is a quick explanation of our summer schedule and holidays for those...
The Salt Lake Shred invites all district teachers and administrators to Educator's Night with the...