RICHMOND, Va. (WWBT) - We get this question a lot. “Help! My work doesn’t offer a 401K-- what do I do?” Maybe your self employed or an independent contractor.
If you don’t have access to a 401K-- experts tell us an IRA is the best option. Which you can set up with most brokerages and some banks. You can get a financial adviser to help you too according to our partners at the financial website NerdWallet. And if you’re worried about the cost of that-- there’s a ton of inexpensive Robo-advisers that will manage an IRA for you. Contribution limits are $6,000 this year-- or $7,000 if you’re age 50 or older.
If that seems like too much-- don’t worry. Just like with a 401K, you decide how much of your salary to set aside. Start with a modest amount and increase it each year by a percent-- until you hit the maximum you can contribute.
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