As a financial advisor, nothing is more disheartening than giving someone the advice that could change their life and watching them ignore it. In over two decades of advising clients, here are my suggestions that most often went ignored—but you can listen to.

Save and invest in an HSA

Health Savings Account is arguably the best and most underutilized retirement savings vehicle available for Americans. Money goes into this account pre-tax, and, if used for a qualified health expense, can be withdrawn without being subjected to taxes. It is the only type of account in which your money will NEVER be subjected to taxes.

While HSAs are used by many to cover health care expenses, few people take full advantage of the tax and retirement planning aspects of these accounts.

The money you put into an HSA doesn’t have to just sit there like a savings account. The funds are investable. If you’re able to afford your day-to-day health care expenses without touching this account, you can continue to add funds while letting it grow exponentially throughout your lifetime.

Health care costs are generally higher during retirement, so having access to a pile of tax-free money once you retire will take a massive weight off your shoulders.

Have a plan for long-term care expenses

Nobody likes thinking about getting old, but once you get there, you’ll be thanking your younger self for being prepared. Having a plan for long-term care should you need it will be a gamechanger when the time comes.

Medicare does not cover most of the expenses related to long-term care. Look into long-term care insurance or at least follow my first piece of advice and start investing in an HSA early so you have available funds when needed.

Update your estate plan and beneficiary designations regularly

There is one thing everyone should have once they turn 18: a power of attorney. But who you entrust with this role at 18 may not be the same person you’d want in charge of your decisions at 28, 48 or 68.

The same goes for your beneficiary designations. Maybe you named your spouse to inherit your retirement accounts and subsequently got divorced. Perhaps you named your first child but…

This article was sourced from Forbes.

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