You're probably quite familiar with the benefits of using a 401k plan or an IRA to save for retirement, but you may be less familiar with health savings accounts (HSAs).

If you have a health insurance plan with a deductible of $1,500 or more, you can set up an HSA. The money you put into your HSA is tax deductible. And as long as you use the money to pay uninsured medical expenses, it remains untaxed, unlike withdrawals from your 401k.

For 2015, you can contribute up to $3,350 — up to $6,650 for a family — to an HSA. The maximum goes up by a small amount each year.

You can keep the money in cash, earning a small amount of interest, or invest in financial markets. But Doug Fisher of Fidelity pointed out to CNNMoney that you should keep in cash whatever money you may need for your medical expenses over the current year.

That's because you can easily lose money in financial markets. Indeed, if you think you'll ultimately need all the money in your HSA for medical expenses, you may want to keep it all in cash.

Meanwhile, you've undoubtedly heard of the many reports showing that our retirement savings are inadequate.

That means those of us in our 50s and 60s must get a little creative to make sure we can finance a decent lifestyle in our golden years, writes Harriet Edleson of The New York Times.

So what can we do?

"The first step, retirement experts say, is to face their financial situation candidly, whatever it may be, and plan from there," Edleson writes. "Even if you haven’t saved enough, they say, there are ways to improve your situation."

You can delay retirement. Already 82 percent of Americans in their 60s plan to work beyond 65 or are already doing so, and 18 percent don't plan to retire at all, according a report by the Transamerica Center for Retirement Studies.

You can cut your housing costs by moving to a smaller home or bringing in a renter to your current home. If you sell your current home, you may benefit from the 4.9 percent increase in the S&P/Case-Shiller 20-city home price index in the 12 months through April.

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