7. Health savings accounts
Health savings accounts (HSAs) are designed primarily for covering medical expenses at all ages, but you can also use them for nonmedical expenses. You'll pay a penalty if you're under age 65, but once you pass this milestone, you can use the funds just as you would a traditional IRAs, with regular taxes on withdrawals, and the added bonuses of tax-free medical withdrawals and no RMDs.
Only those with high-deductible health insurance plans -- ones with a deductible of $1,700 or greater for an individual or $3,400 for families in 2026, up from $1,650 for individuals and $3,300 for families in 2025 -- may contribute to an HSA. Individuals may contribute up to $4,400 in 2026 ($4,300 in 2025), and families may contribute up to $8,750 ($8,550 in 2025).
8. Downsizing
Downsizing reduces your living expenses so your existing savings can go further. You can either move to a smaller home, a more affordable area, or both. If you don't want to do that, you might be able to offset some of the cost of your living expenses by renting out extra space.
Personal preference comes into play here, and you must also consider whether it makes financial sense. If home prices have risen in your area since you bought your home, you might not save much money by moving.
The strategies listed here might not all appeal to you, but employing a few can help your retirement savings last a little longer. By taking some time to consider which ones make sense for you, you'll make the transition into retirement a little smoother.
