Saving money for retirement is necessary if you want to have a comfortable one. A downside of this is that not all employers offer the most popular tool for retirement savings—the 401(k). The good news is that several other tools are available to help you save for retirement.
Here are some of the best options available.
The Individual Retirement Account (IRA)
You can start putting your retirement contributions into an IRA. Many banks and other financial institutions offer these retirement savings plans. Automatic payments can be subtracted from your paycheck and put into the account each month. All contributions are tax-deductible, but you will pay taxes in retirement when you withdraw the money.
