No 401k at Work? Your Retirement Savings Alternatives
Your employer doesn't offer a 401k. Here are the best ways to still save for retirement with tax advantages.
Key Takeaways
- 1No 401k at work? You still have excellent tax-advantaged options
- 2IRAs (Traditional and Roth) let you save $7,000/year ($8,000 if 50+)
- 3Self-employed? Solo 401k lets you save up to $69,000/year
- 4HSA offers triple tax advantage if you have high-deductible health plan
- 5Taxable brokerage is unlimited—no contribution caps
- 6Gold IRA provides both tax advantages and diversification
All Your Retirement Account Options
Without a 401k, you have these tax-advantaged alternatives:
| Account Type | 2025 Limit | Who Can Use |
|---|---|---|
| Traditional IRA | $7,000 ($8,000 if 50+) | Anyone with earned income |
| Roth IRA | $7,000 ($8,000 if 50+) | Income under $161k (single) |
| Solo 401k | $69,000 ($76,500 if 50+) | Self-employed/business owners |
| SEP IRA | 25% of income up to $69,000 | Self-employed/small business |
| SIMPLE IRA | $16,500 ($20,000 if 50+) | Small employers |
| HSA | $4,150 single ($8,550 family) | HDHP participants |
| Gold IRA | Same as Traditional/Roth IRA | Anyone with IRA eligibility |
Traditional & Roth IRA Explained
IRAs are available to everyone with earned income:
- Traditional IRA: Tax deduction now, taxed at withdrawal
- Roth IRA: No deduction, but tax-free withdrawals
- Contribution limit: $7,000/year ($8,000 if 50+)
- Can contribute to both types, but shared limit
- Roth IRA has income limits ($161k single, $240k married)
- Traditional IRA deduction may be limited if spouse has 401k
Self-Employed? You Have Better Options
If you have any self-employment income, you can access these accounts:
- Solo 401k: Up to $69,000/year with employee + employer contributions
- SEP IRA: 25% of net self-employment income, up to $69,000
- SIMPLE IRA: $16,500 ($20,000 if 50+) + optional employer match to yourself
- Can be combined with regular W-2 income
- Side hustles, consulting, freelance all count
- Solo 401k often better than SEP for catch-up contributions
| Self-Employment Income | Solo 401k Max | SEP IRA Max |
|---|---|---|
| $30,000 | $27,000 | $5,573 |
| $50,000 | $36,000 | $9,294 |
| $100,000 | $49,000 | $18,587 |
| $200,000 | $69,000 | $37,175 |
| $300,000+ | $69,000 | $69,000 |
Exploring your retirement options?
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HSA: The Triple Tax Advantage
If you have a high-deductible health plan, an HSA is a hidden retirement tool:
- Tax deduction on contributions
- Tax-free growth
- Tax-free withdrawals for medical expenses
- After age 65, withdrawals for any purpose (taxed like IRA)
- No "use it or lose it"—rolls over forever
- 2025 limits: $4,150 single, $8,550 family + $1,000 catch-up if 55+
Taxable Brokerage Account Strategy
After maxing tax-advantaged accounts, taxable accounts offer unlimited savings:
- No contribution limits
- Full control over investments and timing
- Long-term capital gains taxed at 0-20% (better than income rates)
- Tax-loss harvesting opportunities
- No penalties for early withdrawal
- Combine with tax-advantaged accounts for complete strategy
Advocate for a 401k
Under SECURE 2.0, starting in 2025, employers with 10+ employees who've been in business 3+ years must offer automatic enrollment retirement plans. Ask HR about whether your company is required to offer a retirement plan.
Gold IRA: Your Controlled Retirement Account
A Gold IRA gives you the tax advantages of an IRA with the protection of physical precious metals:
- Same contribution limits as Traditional/Roth IRA
- Diversification into physical gold, silver, platinum
- You choose the custodian—no employer involvement
- Protection from market volatility
- Can roll over other retirement accounts when available
Frequently Asked Questions
1Can I contribute to an IRA if I have a 401k at another job?
Yes! Having a 401k doesn't prevent IRA contributions. However, if you're covered by a 401k and your income is high, your Traditional IRA deduction may be limited. Roth IRA has its own income limits.
2What if I have both W-2 and self-employment income?
You can contribute to both your employer's 401k (if offered) and a Solo 401k for self-employment. But total employee contributions across all plans are limited to $23,500 ($31,000 if 50+).
3Should I ask my employer to start a 401k?
Yes! Small business 401k plans have become more affordable. Tax credits under SECURE 2.0 cover up to 100% of startup costs for small employers. Presenting this information to your employer could benefit everyone.
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