No 401k offered at work, any optiopns?
Hi Dear Folks,
Pretty straightforward: My work does not offer a 401k plan. Do I have any other options to save and lower my taxable income? Thank you.
~Seattle Slew
Hi Dear Folks,
Pretty straightforward: My work does not offer a 401k plan. Do I have any other options to save and lower my taxable income? Thank you.
~Seattle Slew
Permalink Submitted by Alan - IRA critic on Sat, 2022-04-23 16:19
You can contribute 6000 per year (7000 if age 50+) to an IRA. Whether you can deduct it or not depends on if you participate in a workplace plan at anytime in the year, or if you are married and your spouse participates. If not, you can deduct a traditional IRA contribution. Or you may be able to contribute to a Roth IRA if your income or joint income does not exceed a limit. A Roth IRA contribution is not deductible, but all the gains become tax free after 59.5 and 5 years. You are limited to a contribution of 6000/7000 total for traditional or Roth contributions. Beyond that, you can save in a taxable investment account, or look for a job that offers a 401k or other workplace plan under which you can contribute more than just the 6000/7000.