DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing Investing for Retirement Without a 401K
Sep 4, 2022
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Explore Small Business Retirement Plans
- If your employer doesn’t provide a 401(k), discuss small business retirement plans like SEP IRA or SIMPLE IRA with your boss.
- These alternatives are often more affordable and beneficial for both employees and owners than many realize.
Get Professional Financial Advice
- Seek a fee-only financial advisor for personalized guidance to identify the best retirement saving strategies.
- This service can help clarify what you might be missing and maximize your income's potential.
Maximize Savings With Multiple Accounts
- Consider setting up an individual 401(k) and traditional IRA alongside your Roth IRA to increase your retirement contributions.
- Also, save outside retirement accounts using taxable investment accounts for flexibility and long-term growth potential.