Watch Out, 401(k)s: HSAs Are the New Retirement Sheriff in Town

Saving a portion of your salary in a 401(k) is one of the best ways to set yourself up for a happy retirement. But 401(k)s aren't the only game in town when it comes to retirement planning. And one account in particular offers a whole host of advantages over a 401(k) for those eligible.

A health savings account (HSA) is designed to offer tax savings on medical expenses. But you can take advantage of all those tax savings and turn it into an incredible retirement account.

An HSA is a special account available to members of certain high-deductible health insurance plans. The idea is that since you have a high deductible, the government wants to make it easier for you to afford your medical care, thus providing tax advantages for eligible expenses. You can contribute funds to your HSA, and you won't have to pay any taxes on qualified medical expenses when they come up.

Source Fool.com