When you get to retirement age it is a good idea to open a savings account or a retirement plan to support you when you retire. Some of the most popular retirement plans are IRAs, 401(k)s, Roth IRAs, Roth 401(k)s, and HSAs. IRA, or Individual Retirement Account, is an account for you to add money to that you can withdraw after retirement. A 401(k) is a retirement plan that is sponsored by your employer. Your employer puts money into your retirement account. Roth IRAs are taxed when you put the money in, not when you take it out. Roth 401(k)s are the same as traditional 401(k)s except they are taxed like Roth IRAs.

HSAs, or Health Savings Accounts, are great retirement accounts because they are 100% tax free! But they can only be withdrawn from for certified medical emergencies.