Worried You Won't Have Enough Retirement Income? Do These 3 Things.

Key Points

• A Roth retirement account helps you avoid losing money to taxes.

• An HSA gives you dedicated funds for healthcare spending.

• A delayed Social Security claim boosts your monthly paycheck for life.

• The $23,760 Social Security bonus most retirees completely overlook ›

Although retirement is a stage of life many people look forward to, there's one persistent fear that tends to hold them back -- the fear of not having enough money to enjoy their post-working years. It's a fear you might have whether you kick off retirement with $400,000 in savings or $2 million.

But no matter what your retirement account balance looks like, there are steps you can take to set yourself up with more income for your senior years. Here are three worth looking at.

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1. Save in a Roth retirement plan

The nice thing about saving for retirement in a traditional IRA or 401(k) plan is that your contributions go in on a pre-tax basis. With a Roth IRA or 401(k), you don't get that up-front tax break.

But what a Roth account gives you instead is tax-free gains as well as tax-free withdrawals in retirement. And both are huge.

Not having to pay taxes on your withdrawals, though, puts more money in your pocket each month. That's a good way to reassure yourself that you won't end up facing an income shortfall.

2. Contribute to an HSA and reserve your balance for later

If you're enrolled in a high-deductible health insurance plan, it pays to contribute to a health savings account (HSA) every year you're eligible. HSAs give you the benefit of tax-free contributions, tax-free gains on the money you invest, and tax-free withdrawals when your money is used to cover qualifying healthcare expenses.

While you're able to take an HSA withdrawal at any time to cover medical bills, if you're worried about not having enough retirement income, it pays to reserve those funds for your senior years specifically. Not only might that allow your money to enjoy more growth, but it also means having a dedicated source of funds for healthcare spending.

Fidelity says that the average 65-year-old today can expect to spend $172,500 on healthcare during retirement. Having money in an HSA for healthcare spending purposes could eliminate a huge source of financial stress.

3. Delay your Social Security claim

Ideally, you'll be bringing a nice amount of savings with you into retirement. But Social Security might also end up being an important source of income for you. If you're worried it won't be enough, one solution may be to delay your Social Security claim past full retirement age.

Social Security's full retirement age is 67 for anyone born in 1960 or later. But if you delay your claim until age 70, you can score a 24% boost to your benefits, leaving you with a lot more guaranteed income to fall back on.

Plus, Social Security benefits are eligible for an annual cost-of-living adjustment (COLA). The larger your benefit payment is to begin with, the more money every single COLA is apt to be worth to you.

It's natural to worry about not having enough income to pull of the retirement you've always imagined. But the fact that you're worried about that means retirement is on your radar. And that alone gives you an opportunity to make strategic moves that improve your income picture.

The $23,760 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these strategies.

View the "Social Security secrets" »

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