How To Save For Retirement
There are a few ways to save money in the absence of a 401k plan. Whether you are unemployed, self-employed or simply seeking other investment options, there is always a plan for your needs. Let’s take a look at a few of the alternatives for savings.
A solo 401k, also known as a self-employed 401k, is perfect for those not expecting to make a large yearly income. With a solo 401k, you are eligible to contribute twice, once as an employee and once as the employer. Participants are allowed to contribute their entire yearly earnings, as long as it does not surpass $19,500. When contributing as the employer, though, the amount will differ. You are allowed to contribute up to 25% of your earnings as the employer. Spouses of solo 401k contributors are eligible for this plan, as well.
Saving Tax Refunds
Everyone’s gut instinct is to spend, spend, spend when that tax return finally comes back! But, if you can just hold off the urge to spend this money, it could pay off in the long run. Simply saving any tax refunds is the simplest way to invest in your retirement. IRS Form 8888 currently allows taxpayers to deposit refunds directly into two or more savings accounts.
Contribute To CD
Are you looking for a safe investment option? Well, contributing to a CD (certificate of deposit) may be the best choice one can make when saving towards retirement. The federal government insures CDs to never lose value, which makes this one of the safest investment plans out there. Money contributed in a CD can also be withdrawn at any time. This is a great benefit for anyone encountering unexpected bills, such as hospital stays or higher car payments.
Opening An IRA
Opening an IRA tends to be the most popular option for individuals without a 401k. There are a couple different IRA options available. A Roth IRA and a traditional IRA can both be great investment options. The only requirement for anyone opening an IRA is that they must be earning an income. However, if you are unemployed but married to someone earning an income, you are eligible for this plan. Self-employed workers commonly choose to open an IRA.
Health Savings Account
A health savings account (HSA) can be opened even if you have already opted to choose an IRA, solo 401k or contribute to a CD. Tax-free withdraws and immense growth potential are two benefits of a health savings account. After the age of 65, money can be pulled from a HSA with no penalties.
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