Regular contributions are key because you’re consistently and continuously adding funds to your accounts regardless of market gyrations. That discipline has a snowballing impact, which is the spine of wealth-building.

How much you set aside each year is a factor that’s in your control. Total average 401(k) savings rates ticked to 14.1%, according to Fidelity’s data, up slightly from a year ago. That rate is a combo of employee and employer 401(k) contributions of 9.4% and 4.7%, respectively. While that’s decent, it’s still below the 15% of pre-tax income each year, including any match, most financial advisers recommend.

Read more: How much should I contribute to my 401(k)?

Taking money out early from a retirement account is rarely advisable, but it’s sometimes a necessary last resort when money gets tight or an emergency hits.

Bank of America compiled data which found that, compared to the third quarter, fewer participants borrowed from their retirement accounts, 2.2% vs. 2.5%, and loan amounts were smaller. The average loan per participant was $8,950, down slightly from $9,100.

And the percentage of loans in default dropped from 12.6% a year ago to 11.1%.

According to the Bank of America survey, the average worker hardship withdrawal from a 401(k) plan was $5,730, roughly the same as a year ago.

Withdrawals should be a last resource for savers. The biggest hit is that you forfeit future retirement savings, but you could also be nicked with taxes and penalties.

A withdrawal from your 401(k) account is usually taxed as ordinary income. Also, you’ll pay a 10% early withdrawal penalty before age 59½, unless you meet one of the IRS exceptions. These include certain medical expenses, qualified tuition payments, and up to $10,000 for first-time homebuyers. Some employer plans, too, will allow a non-hardship withdrawal.

A loan is a better option if you need the money because you pay yourself back, typically within five years, with interest — the loan payments and interest go back into your account.

One caveat: If you part ways with your employer, you might have to repay your loan in full. When you can’t repay the loan, it’s considered defaulted, and you’ll owe both taxes and a 10% penalty if you’re under 59 ½.

Read more: What is the retirement age for Social Security, 401(k), and IRA withdrawals?

I recently wrote about another pathway to a cool million in retirement: a health savings account.

If you start early, contribute the maximum pretax contribution annually, add in any catch-up contributions, and let it ride for four decades without tapping it to cover healthcare expenses, you have a shot at doing just that, according to a new analysis by the nonpartisan Employee Benefit Research Institute (EBRI). Families can save nearly twice as much.

“The study is all about the potential,” Paul Fronstin, director of health benefits research at EBRI and an author of the report, told Yahoo Finance. “Under the best possible circumstances.”

The problem is many HSA account holders don’t invest their HSA savings. Only about 3.2 million health savings accounts have at least a portion of their HSA dollars invested, according to HSA advisory firm Devenir. Most park the money in cash, depriving themselves of the account’s key advantages.

Per Bank of America’s survey, there is a dollop of good news here. About 4 in 10 participants contributed more than they withdrew from their health savings account. The average HSA account balance at year-end was $5,000, up year over year from $4,400, according to the report.

Have a question about retirement? Personal finances? Anything career-related? Click here to drop Kerry Hannon a note.

Here’s the niggle: Only 14% of account holders invested their HSA for future growth, although up from 12% a year ago, many employees are not taking advantage of HSA’s investing potential, according to the report.

Lisa Margeson, managing director of Retirement Research & Insights at Bank of America, told Yahoo Finance, there’s clearly “a lot of room for improvement.”

“It’s important that employees understand the benefits of an HSA — from its triple-tax advantage to its ability to grow over time — so they can be well prepared for healthcare costs in retirement, a cost employees tend to underestimate.”

Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist, and the author of 14 books, including “In Control at 50+: How to Succeed in The New World of Work” and “Never Too Old To Get Rich.” Follow her on Bluesky.

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