Regardless of how close or far you are from retirement, it’s never too early or late to enhance your financial strategies.

Retirement living represents two major accomplishments: the closing chapter to a fruitful career and a major financial milestone that took years to accomplish.

As you take the next steps in your career and financial planning, the following five tactics can set you up for the retirement life you’ve always dreamed about.

Health savings account

First, employees can build an HSA with pretax funding. This allows them to truly maximize their hard-earned dollars in more than one way.

Health savings accounts can further one’s effort to save for retirement. In addition to tax-free benefits, an HSA can also be used as a tax deduction on any contributions you make. Within the parameters of your investment, you can also enjoy tax-free growth.

Here’s another underrated perk: Once you reach retirement age, you may withdraw from the account for any purpose at all — and it will also be tax free. Keep in mind however, that if you use this tactic before retirement age, there’s a hefty penalty for doing so.

A good bet: 401(k)

Tax rules allow for a high threshold to how much you can contribute via a 401(k), making it one of the most robust tools to get ahead in retirement savings.

For this upcoming tax year, contributions are capped at more than $20,000. That’s a huge number to work with. And if you’re lucky enough, your employer is going to make significant matches to your contributions. The math is simple: You can double your savings through employer contributions.

As your salary increases, you and your employer can contribute even more because company money is based on percentages. In addition, tax rules are always changing and can increase the contribution cap.

Don’t miss out on free money that you should be putting to work for you.

Add income streams

Earning a lot of money in the moment is no guarantee to wealth. But having the capacity to earn more increases your ability to save for tomorrow.

Retirement is a long game and if you’re able to add income streams, especially in the form of passive income, then you can boost retirement contributions.

Real estate is one avenue. One investment into a real estate property will produce a regular stream of income from which to pull and leverage.

In today’s growing gig economy, you can also look for opportunities to share your knowledge or put your skills to work for others during your free time.

However you approach this strategy, remember that any increase to your income streams is another chance to enhance your long-term savings game plan.

Extra money, not extra spending

It’s tempting to spend more as income increases. This is a common pitfall among those who earn more money over time. It’s a natural reaction.

Anytime you can refrain from adding new spending in light of new income, do it. If there’s extra money to speak of, don’t squander it by dropping it into your lifestyle bucket. Instead, take that extra money and add to your savings and investments.

Year-end bonuses, tax refunds, stimulus payments and other forms of cash will serve you better if they’re set aside.

Home Equity Conversion Mortgage

If you’re close to retirement age, then you qualify for this mortgage option.

New retirees can immediately boost their buying power and hang onto liquidity by taking full advantage of this power resource.

A Home Equity Conversion Mortgage usually requires a 50% commitment and in return, the borrower will no longer make monthly payments as residents of the home.

Please contact us today to learn more about this opportunity to boost your income and to eliminate monthly mortgage payments so you can make the most of your life’s next phase.

*(1) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; (2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; (3) the loan balance grows over time and interest is charged on the outstanding balance; (4) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and (5) interest on a reverse mortgage is not tax deductible until the borrower makes partial or full repayment. This material is not from HUD or FHA and has not been approved by HUD or any government agency.