Many employees have a health savings account, which offers tax incentives to save for medical expenses. However, most are still missing out on long-term HSA benefits, experts say.

Two-thirds of companies offer investment options for HSA contributions, up 60% from one year ago, according to a survey released in November by the Plan Sponsor Council of America, which polled more than 500 employers in the summer of 2024. 

But only 18% of participants invest their HSA balance, down slightly from the previous year, the survey found.

That could be a “huge mistake” because HSAs are “the only triple-tax-free account in America,” said certified financial planner Ted Jenkin, founder and CEO of oXYGen Financial in Atlanta.

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Health savings accounts are popular among advisors, who encourage clients to invest the funds long term rather than spending the funds on yearly medical expenses. But you need an eligible high-deductible health plan to make contributions.

Some 66% of employees picked an HSA-qualifying health plan when given the choice, according to the Plan Sponsor Council of America survey.

However, the best health insurance plan depends on your family’s expected medical expenses for the upcoming year, experts say. Typically, high-deductible plans have lower premiums but more upfront expenses.

“It’s one way to deal with the inflationary cost of health care,” said Jenkin, who is also a member of CNBC’s Financial Advisor Council. “If you invest it wisely, it can look like a health 401(k).” 

A 65-year-old retiring today can expect to spend an average of $165,000 in health and medical expenses through retirement, up nearly 5% from 2023, according to a Fidelity report released in August.

That estimate doesn’t include the cost of long-term care, which can be significantly higher, depending on needs.

Most Americans are concerned about what may happen to Social Security when its retirement trust fund crosses a projected 2033 depletion date, according to a new Bankrate survey.

Nearly three-quarters, 73%, of non-retired adults and 71% retired adults say they worry they won’t receive their benefits if the trust fund runs out. The October survey included 2,492 individuals.

Those worries loom large for older Americans who are not yet retired, according to the results. That includes 81% of working baby boomers and 82% of Gen Xers who are worried they may not receive their benefits at retirement age if the trust fund is depleted.

“Once someone’s actually staring at the prospect of the end of their full-time employment, the seriousness of the need to fund that part of their life comes into full view,” said Mark Hamrick, senior economic analyst at Bankrate.

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Still, a majority of millennials and Gen Zers surveyed, at 69% and 62%, respectively, are similarly concerned.

Social Security relies on trust funds to supplement its monthly benefit payments that currently reach more than 72.5 million beneficiaries, including Supplemental Security Income beneficiaries.

While payroll taxes provide a steady stream of revenue into the program, the trust funds help to supplement benefit checks. Social Security’s actuaries project the fund the program relies on to pay retirement benefits will be depleted in 2033. At that time, an estimated 79% of those benefits will still be payable.

Social Security is “inflation indexed longevity insurance,” said CFP David Haas, owner of Cereus Financial Advisors in Franklin Lakes, New Jersey. Every year, benefits are automatically adjusted for inflation, a feature that would be difficult to match when purchasing an insurance product like an annuity.

“You really can’t get that from anywhere else,” Haas said.

While more than a quarter — 28% — of non-retired adults overall expect to be “very” reliant on Social Security in retirement, older individuals expect to be more dependent on the program, according to Bankrate. The survey found 69% of non-retired baby boomers and 56% of non-retired Gen Xers expect to rely on the program.

To avoid relying on Social Security for the bulk of your income in retirement, you need to save earlier and for longer, Haas said.

“You need to compound your savings over a longer period, and then you’ll be flexible,” Haas said.

To be sure, shoring up a long-term nest egg is not a top-ranked concern for many Americans now as many face cost-of-living challenges. A separate election Bankrate survey found the top three economic concerns now are inflation, health care costs and housing affordability.

Going into election day, Americans were sharply divided. But the gender gap was among the most glaring splits, with more women backing Vice President Kamala Harris and a majority of men supporting President-elect Donald Trump.

Women favored Harris by an 8-point margin, with the vice president securing 53% support compared to Trump’s 45%. Men backed Trump by a 13-point margin, with 55% favoring Trump and 42% backing Harris — resulting in a 21-point gender divide, according to NBC News exit polls.

Trump gained massive support among men on economic issues, specifically, including Hispanic and Black voters who were feeling particularly pessimistic. Inflation was the top concern among voters overall, followed by the current state of the economy.

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A factor that drove young men to the polls may have been perceived economic disparities, according to experts, which ultimately helped Trump win on Election Day. 

“Men feel like there’s no pathway for economic mobility for them,” said Julia Pollak, chief economist at ZipRecruiter.

A study by the Pew Research Center found that men who are not college-educated leave the workforce at higher rates than men who are. At the same time, fewer younger men have been enrolling in college over the past decade.

In 1995, both young men and women equally were likely to hold a bachelor’s degree, at 25%. Today, 47% of women of ages 25 to 34 in the U.S. have a bachelor’s degree, compared with 37% of men their age, also according to Pew.

“That is a huge, huge gap,” Pollak said.

Schools often tout a four-year degree as the ideal scenario. And in many areas, vocational programs and other alternative pathways “aren’t as widespread” as they used to be, Pollak said.

At the same time, some traditional blue-collar jobs that used to employ more non-college educated men declined due to automation and globalization, leading to job displacement and uncertainty about future employment prospects, experts say.

Altogether, you have a group who feel like they’re “being left behind,” Pollak said.

Brett House, an economics professor at Columbia Business School, agreed: “The great concern is that we are developing a pool of young men that are neither developing the additional skills [nor] education necessary to participate fully in the labor force,” he said — particularly in “former manufacturing industrial powerhouse states.”

These days, young men are more likely to be considered NEETs — neither in employment, education or in training — a cohort that has been hardest hit by globalization and the decline of manufacturing in this country, according to Richard Fry, a senior researcher at Pew.

“When you don’t get rewarded for working, you work less,” Fry recently told CNBC. “That is a basic tenet of labor economics.”

Men were more likely than women to say they believed the results of the election would impact their financial life in the short term, according to a separate survey by NEFE. Those voters largely favored Trump.

Those with less than a high school diploma and those with a two-year degree were also most likely to say their financial life will be impacted by the presidential election. NEFE polled 1,000 adults about their financial feelings in relation to the 2024 general election in October.

“It’s reasonable that many Americans were weighing their current financial well-being and prospects for the future while casting their votes this November,” said Billy Hensley, NEFE’s president and CEO. Hensley is also a member of the CNBC Global Financial Wellness Advisory Board.

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