Most people have a retirement savings gap, and healthcare is one of the biggest expenses in retirement.
According to a 2013 study by the National Institute on Retirement Security, 84% of working households do not have enough financial assets to maintain their standards of living in retirement. An Aon Hewitt study of account balances of 2.1 million participants at 84 large employers estimated that only 18% of participants were on track to meet their retirement goals.
A WageWorks® Health Savings Account (HSA) can help you better prepare for your future by building a healthcare nest egg.
A WageWorks HSA makes it easy for you to contribute, invest, and use HSA funds for current and future healthcare expenses. From attractive, low-fee funds, to target date investing, to self-directed allocation on our wealth management platform, WageWorks provides the tools to help you invest confidently. And with highly competitive cash interest rates and low fees, you start building your nest egg as soon as you fund your account.
You get a diverse and flexible lineup of market-leading, low-cost investment options. You may choose from 25 no-load mutual funds across five classes of investments, including lifestyle and target date funds. These funds all have gross expense ratios of 1.41% and below and are selected by Lockwood Investment Advisers and evaluated on a quarterly basis. You can customize your investment options to suit your needs and risk comfort levels.
Your HSA contributions can automatically sweep into these investments, just like your 401(k).
With a low minimum investment threshold, you can start investing your HSA dollars once you have $1,000 in your account.
These excellent investment options are provided by WageWorks partner BNY Mellon*. You get the peace of mind of knowing that a top 5 HSA custodian is taking care of all of the complicated banking processes and regulatory compliance.
WageWorks wants you to keep your money for your future. This is why we’ve worked with our banking partner BNY Mellon* to keep HSA fees to an absolute minimum.
Once you log into your WageWorks account, you can go directly to the BNY Mellon investment site. From the BNY Mellon site, you can access your account overview, online statements, invest your HSA dollars, or research investment options. There’s no need to log into multiple sites to manage HSA.
*Your WageWorks HSA may be with a different custodian bank.