If I were to start saving for retirement again, these 3 things would be my top priorities

Saving for retirement is more than just throwing cash into a retirement account. There are also a lot of strategies involved in maximizing earnings while minimizing tax liability. It can be tricky, especially at first when you’re not sure what you’re doing.

It’s natural to look back and want to make a change when it comes to starting your retirement savings journey. If such a thing were possible, here are the three things I would do to get off to the best start.

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1. Make regular monthly contributions, starting as young as possible

I opened my first retirement account in my 20s, but regular contributions didn’t come until a few years later, when I was a little more established in my career. I know I still started earlier than many, but I still wish I could have made consistent contributions even earlier.

Your early contributions end up being the most valuable to you in retirement. A recent one Goldman Sachs The survey found that savings made in the first 10 years of a person’s career accounted for almost half of their total retirement savings.

I know this isn’t always easy to do, especially for new graduates who are dealing with student debt while also saving for other important life goals. But as soon as you can, try to establish a regular saving habit. It’s okay if you can’t afford to set aside more than a few dollars at first. Start there and increase your monthly contributions over time.

2. Save in Roth accounts when my income was lower

Roth accounts are extremely valuable for low- and middle-income savers who expect to be in the same or higher tax bracket in retirement than they are today. Unlike traditional retirement accounts, Roth accounts don’t give you an upfront tax break on your contributions. But after that, your money grows tax-free. If you keep it until you’re at least 59 1/2 and have had the account for at least five years, the IRS won’t count your withdrawals as retirement income.

This can save you a fortune in taxes, but it’s not the right move for everyone. Those in their prime earning years may find that tax-deferred accounts like traditional IRAs and 401(k)s work better for them. This gives them tax relief in the year of contribution. It also allows them to defer taxes on their savings until retirement, when they’re hopefully in a lower tax bracket.

Some high earners may not be able to contribute directly to a Roth IRA because of income limits. But if that doesn’t apply to you, it’s definitely an option worth considering. Employers are also increasingly offering Roth 401(k)s to their employees, and these do not have the same income limitations as Roth IRAs.

3. Use my Health Savings Account (HSA) for retirement savings

I am not currently eligible to contribute to a Health Savings Account (HSA), although I have had one for many years. During this time, I put some money into the account to cover medical expenses, as was the original intent of the account. But looking back, I wish I had used it more as retirement savings.

HSAs offer many of the same benefits as traditional IRAs, including tax-deferred growth on savings. You also get the added bonus of tax-free medical withdrawals at any age. However, non-medical withdrawals under the age of 65 carry a 20% penalty on top of taxes.

If I could do it over again, I probably would have saved more money in my HSA that I could have put aside for retirement medical expenses. And I would have invested that money so it could grow faster.

Unfortunately, there’s no way to undo what I’ve already done. I can only go forward. I continue to regularly save for retirement and reevaluate the accounts I use each year to make sure they are the best options for me.

If you’re just getting started with retirement savings, check out the list above. Whenever possible, prioritize these tasks if you think they make sense for you.