If You're Missing Out on This Retirement Savings Plan, You're Making a Big Mistake
There's a trap workers tend to fall into when planning for retirement -- assuming their living costs will drop drastically once their careers come to a close. The reality is that many seniors end up spending roughly the same amount on living expenses in retirement as they did during their working years. And a big reason boils down to an increase healthcare expenses.
Healthcare can be a burden at any age. During retirement, it can be a true budget-buster. And so it pays to specifically sock money away for your future healthcare needs.
You could do so by increasing the amount of money you put into your IRA or 401(k) plan. Or, you could take advantage of a lesser-known retirement savings tool -- a health savings account (HSA).
Source Fool.com
