How to save for retirement if your company doesn't offer a 401(k)

Even if your employer doesn't offer a 401 plan, it shouldn't stop you from getting the most out of your retirement savings.

I opened two accounts to help grow my savings. Here's what I learned as a Gen Z personal finance reporterOp-ed: I'm an advisor who helps clients navigate layoffs. Here's my best advice to prepareOffered by banks and brokerages, traditional IRAs are a good alternative to 401s in that your contributions are tax deductible and there are no predetermined income limits on whether you can contribute to an account.across all of your IRA accounts.

Like 401s, IRA withdrawals are taxed as ordinary income at the time of withdrawal. The advantage to tax-deferred accounts like 401s and IRAs is that you get immediate tax relief by deducting contributions every year. Another benefit is that you might be in a lower income bracket when you retire, which would maximize your tax savings.Roth IRAs are the opposite of traditional IRAs in that you pay taxes on contributions up front.

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