Top 5 Retirement Savings Tips for 55-to-64-Year-Olds

This article takes a look at the top 5 retirement savings tips for 55-to-64-year-olds. If you wish to check out our detailed analysis on decoding retirement savings, you may go to Top 12 Retirement Savings Tips for 55-to-64-Year-Olds.

5. Invest in a Health Insurance Plan

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Having a Health Savings Account (HSA) is the best thing you can do for your retirement years. With an HSA, not only will you have money to pay for healthcare costs in retirement but also won’t need to set aside additional funds for your golden years. HSAs offer triple tax advantages—contributions are pre-tax, the funds grow tax-free, and withdrawals for qualified medical expenses are tax-free. This can be a valuable tool for managing healthcare costs in retirement while providing additional financial flexibility. By skillfully managing both saving and spending, and even with a modest rate of return on investments, there exists the potential to gradually increase the value of your account over time.