Author Topic: Employer has no 401(k)  (Read 346 times)

wick

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Employer has no 401(k)
« on: August 04, 2021, 11:25:48 AM »
Hi all,

This is my first time posting in a reaaaallly long time so apologies if I'm not formatting correctly.

I'm wondering what my options are for retirement accounts. I'm just finished with grad school and am working in a job I love, however an enormous downside is that they do not offer a 401k. I just opened a traditional IRA but am wondering what other options are out there for folks who's employers do not have retirement accounts. N.B. I'm an American living in New York

Thanks for your support and advice,
« Last Edit: August 04, 2021, 11:28:13 AM by ewick »

seattlecyclone

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Re: Employer has no 401(k)
« Reply #1 on: August 04, 2021, 11:33:57 AM »
The IRA is really your only retirement tax shelter option as a W-2 employee with no employer retirement plan. If switching to contract employment is an option in your circumstance, that would open up the opportunity to make your own 401(k) and put quite a lot of your pay into it.

wick

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Re: Employer has no 401(k)
« Reply #2 on: August 04, 2021, 11:45:09 AM »
good to know! follow up q - I have the possibility of doing some side work that would be contract pay as well. Is that an avenue to open a 401k myself?

bacchi

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Re: Employer has no 401(k)
« Reply #3 on: August 04, 2021, 11:51:06 AM »
good to know! follow up q - I have the possibility of doing some side work that would be contract pay as well. Is that an avenue to open a 401k myself?

Yes. Look for a solo or individual 401k at your broker.