When it comes to retirement savings, most people use commonly known accounts such as a 401(k) and an IRA. These can be great accounts to invest in, as they provide tax breaks and -- in the case of a 401(k) -- may come with employer-matching contributions.

However, there's also another retirement savings account that offers even better tax breaks in some situations, and unfortunately, many people aren't familiar with it. And if you're eligible for this account but are not using it, that could be a huge mistake.

Here's what it is.

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Source Fool.com