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40 year olds, what financial advice would you have for a 30 year old?
(sh.itjust.works)
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this post was submitted on 11 Sep 2026
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Asklemmy
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WTF is an HSA or 401k? We're not all US Americans...
They're both tax advantaged accounts - meaning you don't have to pay taxes on them in most situations.
HSA is supposed to be a Health Savings Account, but has turned into more of a retirement account. 401k is Americas sad replacement for pensions as workers need to contribute to it and so it largely only helps wealthier people.
The more general advice would be - make sure to save and invest money (preferably in ways that avoid taxes if possible).
Can you explain what you mean about the HSA being more of a retirement account? Can't you only use that money on medical or health related purchases? I understand the possible tax savings through an HSA, but I don't see how it could be a retirement account.
After you turn 65 there is no penalty for using your HSA for non-medical purchases, you just have to pay income tax on withdrawls. This effectively turns an HSA into an IRA after you turn 65. So you can contribute pre-tax, it grows tax-free, then you can withdraw without any penalty - making it effectively just another retirement account.
https://ourtaxpartner.com/hsa-distribution-rules-after-age-65-medicare-premiums/
Thanks a lot for the explanations!!! 🤩
Yup.
The Canadian equivalent is a TFSA, unless you max it out (congrats), then RRSP. Apparently there's niche cases where RRSP is better, so look into it a bit.
RRSP contributions are income tax deductible, and up to $60k from the account can be used toward a down payment for a home. For someone trying to buy, its a good idea to focus on that RRSP first.
Oh, and there's also the FHSA, on that note.
Yup, and it's good if you start using it early. I'm not a fan of the restrictions on it though, compared to the RRSP. But they are strong when used together.
They are. Bravo on that awareness you felt the need to try and point out.
The title didn't say "40 year olds in the US" now did it? Am I required to research every poster's history? Jeez.
Is every responder supposed to research how investing and retirement works in every country on the planet and answer in kind? If you don't have these programs where you live then just keep scrolling or submit your own response.
No, man, I just wanted an explanation. And I got one from another kind soul.
Why even make that comment, it adds nothing to the discussion IMHO.
It seems disingenuous to claim that you were "looking for an explanation" when you very clearly knew they were a US thing. It seemed more like you're complaining because someone gave a response that's only applicable to people in the US.
True, maybe a mix of both. I heard 401k in some TV show and knew it was an American thing but if someone said TFSA or RRSP without mentioning it was Canadian I'd have said the same thing. Canadians know there's a world outside Canada though and would've specified so in the opening post.
I think the confusion about your reply is that it reads like you're assuming the person giving advice was being ego-centric or thinking everyone lives in the US or something, when in reality they were just answering the question. Nothing malicious. Spreading their own wisdom.
Are you required to open your virtual mouth anytime something isn’t directed at you? Are you op? Did I answer your question? If you hadn’t opened your virtual mouth would you be here having me shit talk you like a toddler?
How about you consider what actions you took to end up here.
I'm sorry you seem to have a bad day, hope you'll have a better one tomorrow. I won't be fazed by a stranger trying to berate me 😄
Hi, I'm OP, stop getting into arguments in my thread, thanks.