Invest what you save
Rather than keeping your savings in a bank savings account, you can invest them. You can also invest outside a 401(k).
According to Investopedia, you can use brokerage accounts to can invest in stocks, bonds and mutual funds among others.
Traditional individual retirement accounts and Roth IRAs are also options. Traditional IRAs allow you to deduct contributions the year you make them. Once you take the money out in retirement, they’re taxed as normal income. Roth IRAs give you a tax break when you add money. Withdrawals made after age 59½ and at least five years since the initial Roth contribution are tax-free.
To get specialized news and articles about aging in place, health information and more, sign up for our Aging in Atlanta newsletter.