No 401(k)? Here’s How to Save for Retirement

Are you one of the many people who don’t have a 401(k) at work?

Wondering how in the world you’re going to save for retirement without one?

Never fear, I have a few suggestions! There are a few really good options for saving for retirement besides the 401(k) Holy Grail. Read on weary retirement saver and you shall find.

1. Traditional IRA or Roth. You can contribute to either one if you do not have a qualified retirement plan at your work. You can also deduct the contribution from your taxes! Just make sure you set up an automatic contribution. That way it’s a kind of forced savings. 401(k) savers have the distinct advantage of payroll deduction that IRA contributors don’t. You can contribute $5,500 for 2015 and $6,500 if you are over 50.

2. Taxable accounts. With a taxable account you won’t get any tax deductions or tax savings. However, it does allow you to save something for retirement. Typically this will be a brokerage account, and you can have just about any type of investment you can think of. The taxable account will come in handy once you’ve maxed out your IRA or don’t qualify for an IRA contribution.

3. Options for the self-employed. The SEP or Simplified Employee Pension plan is just that. Simple. It really is just an IRA with larger limits for the self employed. Other options are the SIMPLE and the Solo 401(k). All with different limits and different rules.

You will survive the retirement journey even if you don’t have a 401(k). Five minutes ago you had no idea how, but now you do. Get crackin’ saver, retirement is coming!

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