If you don’t have a 401(k) available to you at work, or you have one but no company match is offered, what are the best strategies to help you save for retirement? We’re discussing the strategies out there and what might be the best one in your situation on this episode of Wise Money.

Season 9 Episode 20

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Kevin Korhorn, CFP® offers securities through Silver Oak Securities, Inc., Member FINRA/SIPC. Kevin offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. KFG Wealth Management, LLC dba Korhorn Financial Group and Silver Oak Securities, Inc. are not affiliated. Mike Bernard, CFP® and Joshua Gregory, CFP® offer advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.

Intro: (0:00)
Segment 1: (0:11)
Break 1: (10:29)
Segment 2: (13:31)
Break 2: (23:46)
Segment 3: (26:52)
Break 3: (37:07)
Segment 4 (38:31)
Outro: (48:48)…(read more)

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Saving for retirement is an important financial goal that everyone should plan for, regardless of whether or not they have access to a 401k. While a 401k is a popular option for retirement savings, there are still plenty of other ways to save for retirement and secure your financial future.

Here are some of the best ways to save for retirement without a 401k:

1. Individual Retirement Accounts (IRAs): IRAs are tax-advantaged retirement savings accounts that individuals can open and contribute to on their own. There are two main types of IRAs – traditional and Roth. Traditional IRAs offer tax-deductible contributions and tax-deferred growth, while Roth IRAs provide tax-free withdrawals in retirement. Both types of IRAs are great options for individuals without access to a 401k.

2. Employer-sponsored retirement plans: While not everyone has access to a 401k, some employers offer other types of retirement savings plans, such as 403(b) plans for employees of nonprofits and public schools, or SIMPLE IRAs for small businesses. Make sure to take advantage of any retirement savings plans offered by your employer, as they can provide valuable opportunities to save for retirement.

3. Health Savings Accounts (HSAs): If you have a high-deductible health insurance plan, you may be eligible to contribute to an HSA. While HSAs are primarily used to save for medical expenses, they also offer the opportunity to save for retirement. Contributions to an HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free. After age 65, you can use HSA funds for non-medical expenses without penalty.

4. Brokerage accounts: Investing in a brokerage account can be a great way to save for retirement, especially if you have already maxed out your contributions to other retirement accounts. While contributions to brokerage accounts are not tax-deductible, they offer the flexibility to invest in a wide range of assets, such as stocks, bonds, and mutual funds, and can provide another source of retirement income.

5. Real estate investing: Investing in real estate can be a viable way to save for retirement, especially if you have a long time horizon before retirement. Real estate investments, such as rental properties or real estate investment trusts (REITs), can generate rental income and potential appreciation over time, providing a valuable source of retirement income.

6. Side hustles and passive income: Generating additional income from a side hustle or passive income streams, such as freelance work, rental income, or investments, can provide extra funds to contribute to retirement savings. By supplementing your regular income with additional earnings, you can boost your retirement savings and potentially retire earlier.

It’s important to note that saving for retirement without a 401k may require a bit more effort and discipline, as you’ll need to take a more proactive approach to managing your retirement savings. However, with careful planning and a solid savings strategy, it’s absolutely possible to build a substantial nest egg for retirement without a 401k. Whether you choose an IRA, employer-sponsored retirement plan, brokerage account, real estate investment, or other savings options, the key is to start saving as early as possible and consistently contribute to your retirement fund. By taking advantage of these alternative retirement savings options, you can work towards a secure and comfortable retirement, even without a 401k.