Maxed Out Your IRA and Don't Have a 401(k)? Here's Another Great Retirement Savings Option for You.

A lot of people struggle to save anything for retirement. So if you're in a position where you're maxing out your IRA, consider yourself ahead of the game.

But while maxing out an IRA is fantastic, it may not be enough to meet your retirement savings goals. That's because this year, IRAs max out at $7,500 for workers under 50 and $8,600 for those 50 and over. With a 401(k), by contrast, you can contribute up to $24,500 this year if you're under 50 and up to $32,500 if you're 50 or older.

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Of course, maxing out an IRA over a lengthy career could be enough to retire a millionaire. But if you're looking to up your savings game even more, you may be inclined to look outside of an IRA.

For some people, supplementing IRA contributions with a 401(k) may be an option. But if your company doesn't offer a 401(k) plan, that may be off the table.

The good news is that there's another account you can look at for building a retirement nest egg. It may not seem like an appropriate choice at first. But when you dig deeper, you'll see why it could be a great fit.

An HSA can also serve as a retirement savings account

What makes health savings accounts, or HSAs, so great is that they're triple tax-advantaged. With an HSA:

• Contributions are made with pre-tax dollars
• Investment gains are tax-free
• Withdrawals are tax-free as long as they're used for qualifying healthcare costs

At first, an HSA may not seem like a retirement savings tool. After all, the primary purpose of these accounts is to help people save for and cover medical expenses.

But an HSA can double as a retirement account for a couple of reasons. First, funds never expire. You can carry a balance into retirement and use it for future healthcare needs.

Secondly, HSAs are subject to penalties when used for non-medical purposes -- but only before age 65. Once you turn 65, you can use an HSA for any reason and you won't face a penalty.

In that situation, you will have to pay taxes on your withdrawals. But that's no different than a traditional IRA.

Now to qualify for an HSA, you need to be enrolled in a high-deductible health insurance plan that meets certain requirements. The criteria changes annually, so it's best to ask your benefits administrator if your health plan qualifies.

But if it does, an HSA could be a great supplement to your IRA once you max it out. You may even want to prioritize HSA contributions since these accounts offer even more tax benefits than IRAs do.

Another backup option to consider

It may be that you've maxed out your IRA, you don't have a 401(k), and your health insurance plan is not compatible with an HSA. In that case, don't write off saving for retirement beyond your IRA.

With a taxable brokerage account, you can invest your money and reserve it for your senior years. There are no contributions limits, withdrawal rules, or restrictions.

As the name implies, you won't get a tax break with one of these accounts. But if you've exhausted all other options, a taxable brokerage account can be your backup plan.

As a bonus, a taxable brokerage account gives you more options for an early retirement. Since there's no early withdrawal penalty to worry about like there is with an IRA, and you don't have to wait until age 65 to take withdrawals for any reason like you do with an HSA, it actually pays to incorporate a taxable account into your strategy to some degree.

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