Ask Clark: I’m 61 and Planning to Retire in May. Should I Max Out My 401(k) and HSA?

Welcome to Ask Clark, a column designed to answer your financial questions by money expert Clark Howard.

I’m Retiring Soon. Should I Max Out My 401(k) and HSA?

Rich asks: "I'll be 61 in May when I plan to retire, after 39 and a half years at the same company. I'd sure like to max out my contributions to my Roth 401(k) for the five months or so that I'll be working as well as my HSA (Health Savings Account), which my wife and I have together. Is that a good idea?"

Clark’s Take on Whether You Should Max Out Your 401(k) and HSA Just Before Retirement

Clark says: "You can either increase the contribution to the employer-provided Roth 401(k) or open your own Roth IRA and contribute more to it. The effect would be similar because the whole idea is that you're trying to stash more cash toward retirement before you retire halfway through the year. So either would be fine."

Clark points out that raising your 401(k) contribution won’t increase what your employer will match, but it does grow your retirement account, which is always great.

Interested in opening a Roth IRA? Here's a step-by-step guide.

To hear Clark’s full take on this question and many more, listen to the full episode here:

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