This is a YouTube video titled "Give Your Kid a 7-figure HSA #doctor #money #wealth #success" containing a financial advice talk recorded in 2024. The speaker, Kyle Nadal, explains how children can accumulate a seven-figure Health Savings Account (HSA) balance by their mid-60s through early contributions and tax advantages, including details on eligibility and contribution limits.
This can lead to a seven figure HSA balance by the time they're in their mid-60s, even if they never contribute another dollar after they turn 26. This sounds like one of those too good to be true hacks. Kind of like the first time you learn about the backdoor Roth IRA. So first the kids have to open their HSAs. It doesn't matter where they open the HSA. Fidelity Lively HSA contributions are pre taxed to the HSA owner, so each kid will get to lower their taxable income by $8,300 in 2024 if they max it out. It's fine if you want to gift them $8,300 of your own post tax dollars, they're just the ones that are going to be getting the tax deduction for making the HSA contribution. Okay, so who qualifies? Children who cannot be claimed as a dependent qualify.
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