If your company doesn’t offer a 401(k), you work a part-time job, or you’re self-employed, you can still contribute to a retirement account. Price and Malani both recommend a Roth IRA, as long as your income doesn’t exceed the legal limit for doing so. “It allows your money to grow tax-free, and withdrawals in retirement are tax-free, too,” Price says. “If you’re over the limit, explore a backdoor Roth IRA or a traditional IRA.” If you’re self-employed, look into a SEP IRA (“It lets you contribute a lot more, and those contributions are a business expense, which lowers your taxable income,” Malani says) or a Solo 401(k) — which you can contribute to as an employer and employee, “significantly increasing your annual contribution limit,” Price says.
