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What To Do If Your Employer Doesn’t Offer a Retirement Plan


Maybe you’re self-employed. Maybe your company doesn’t offer a retirement plan for some reason. In either event, you know that you should be saving, but you’re not sure where to start.

Before we give any suggestions below, please be sure to reach out to your financial planner (give us a call) before going down any of these paths. Everyone has their own unique financial situations and goals that must be taken into consideration before investing.

That being said, here are some first options you may want to consider to start to save for retirement if your employer doesn’t offer a retirement plan.

1. Individual Retirement Accounts (IRAs): You’ve heard of these tax-advantaged accounts before and they may be the first place you want to look when you want to contribute to your retirement without the aid of an employer backed retirement plan. IRAs come in two types, Traditional and Roth. Traditional IRAs allow you to deduct your contributions from your taxable income and Roth IRAs let you withdraw your money tax-free when you retire.

2. Solo 401(k)s: These individual 401(k)s allow you to save toward your retirement. If you qualify for a Solo 401(k) (speak with your financial advisor), you can receive the same benefits of a general 401(k) plan without an employer.

3. Taxable Brokerage Account: These types of accounts differ, of course, because they are taxable. However, they may provide you to have more flexibility when investing and continue to contribute even after you’ve maxed out your 401(k) contribution limits. You can also withdraw money when you want to without penalty.

These are only a sampling of a multitude of opportunities you may have for contributing to your retirement when your employer doesn’t offer one, or you’re self-employed. Be sure to contact your financial planner before making any retirement decisions.

Views expressed are not necessarily those of Raymond James & Associates and are subject to change without notice. Information contained herein was received from sources believed to be reliable, but accuracy is not guaranteed. Information provided is general in nature, and is not a complete statement of all information necessary for making an investment decision. Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success.

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