By: Jocelyn Wood | Category: Financial Services | Issue: April 2017
Shift Retirement Savings into Gear without a 401(k)
If you don’t have access to an employer-sponsored retirement plan, you are not alone. According the Bureau of Labor Statistics, nearly half of Americans don’t participate in any type of retirement plan at work.
No worries. There are ways to save for retirement outside the office. Consider these.
Set up direct deposit
Start now saving money automatically. Set up a direct deposit from your paycheck to a savings account, individual retirement account or other investment plan. Have money taken out each paycheck. You can also set up automatic money transfers from your checking account to a savings or other account. You’ll be surprise how fast your money will grow if you set it on cruise control.
Fund a Roth or Traditional IRA
Contributing to an individual retirement account may offer tax advantages.
With a Roth IRA, you pay taxes on your contributions now, but won’t pay federal taxes on your earnings, provided certain conditions are met1.
With a Traditional IRA, some or all of your contributions may be tax-deferred now, but you will pay taxes on contributions and earnings when you withdraw the money from the account.
Deposit your tax refund into your IRA
What a great way to jump start your contributions for the next year. Presently, you can invest up to $5,5002 per tax year.
No matter how you choose to save for retirement, start now. Talk with a banker or financial planner and a tax professional to discuss options that fit your needs.
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