Don’t have 401 (k)? Here are 3 more options for saving for retirement. | Personal finance

However, if you are eligible for an HSA, this account can be a particularly attractive alternative to 401 (k) for one simple reason. Not only can you make tax-deductible contributions, but you Also get tax-free withdrawals for qualifying health care expenses. So you get a double tax benefit with an HSA, while a 401 (k) or Roth or traditional IRA only offers tax breaks when you contribute. Where make withdrawals, but not both.

If you don’t need the money in your HSA for healthcare expenses, you can withdraw it for any reason after age 65 without penalty, but you will be taxed on withdrawals as if you withdraw money from a 401 (k) in this situation. Since many seniors incur high healthcare expenses, many of them can take advantage of the additional tax benefits offered by this account. This makes it an ideal 401 (k) alternative.

Whichever option you choose, it’s important to take advantage of some of the tax benefits available for retirement savings, even if a 401 (k) isn’t available to you.

The $ 16,728 Social Security bonus that most retirees completely ignore

If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “social security secrets” could help boost your retirement income. For example: One simple tip could net you up to $ 16,728 more … every year! Once you learn how to maximize your Social Security benefits, we believe you can retire with confidence with the peace of mind we all seek. Just click here to find out how to learn more about these strategies..