You'll often hear warnings that if you don't make an effort to save for retirement, you're likely to end up cash-strapped. The reality is that Social Security will only pay you so much. And if you attempt to live on those benefits alone, you might have to give up a lot of the things you enjoy.

Now there are different retirement savings plans you can use to set yourself up with funds for the future. Many people have a 401(k) plan through an employer. And a lot of folks are also familiar with IRAs.

But there's another retirement savings account you may not have heard of due to the fact that it's not a retirement plan in the traditional sense of the word. However, it can very easily serve as a retirement account -- and a very helpful one at that.

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Source Fool.com