My Job Doesn’t Offer a 401(k), What Should I Do? 

My Job Doesn’t Offer a 401(k), What Should I Do? 

Date: June 02, 2022,

One employment benefit that many employers offer is a 401(k) plan. However, not all employers offer 401(k) benefits, which can leave an employee questioning their options for saving for retirement. At Harvest Financial Planning, LLC, we can answer all of your questions about retirement planning, as well as alternatives to 401(k)s. 

What Is a 401(K)?

A 401(k) is a type of retirement savings plan that is tax-advantaged for the saver. Offered by employers, 401(k)s are funded by a direct allocation of funds from an employee’s paycheck each pay period; sometimes, employers offer matching contributions. 

What Other Investment Options Exist for Individuals?

While a 401(k) is one of the most traditional ways to save for retirement, it’s certainly not the only one. There are many other ways to save for retirement, regardless of what your employer offers you. Some other investment options for saving for retirement for individuals include:

  • 403(b). A 403(b) is similar to a 401(k), except that it is designed for public school employees, as well as certain tax-exempt nonprofit organizations. If you work for a nonprofit or a public school, you may have the option of investing in a 403(b).
  • Individual Retirement Account (IRA). A great way to save for retirement is to open an IRA. There are multiple types of IRA accounts, including:

SEP IRA. A SEP IRA is a retirement plan savings option for self-employed individuals. SEP accounts have contribution limits of 21 percent of self-employment earnings or $61,000 per year, whichever is less. 

Roth IRA. A Roth IRA is very similar to a traditional IRA but for the fact that qualified distributions are tax-free, but contributions are not tax-deductible. In other words, you don’t have to pay any taxes on any investment gains you make. 

Traditional IRA. Finally, a traditional IRA is similar to a Roth IRA except that you pay taxes on the money in an IRA at the time that you withdraw it, but you can deduct contributions to your IRA on your taxes at the time you make them. Your money grows on a tax-deferred basis in this type of account.

Call Harvest Financial Planning, LLC Today

Navigating the strategies for saving for retirement can be complex. At Harvest Financial Planning, LLC, we are here to help you make a decision about which retirement account is best for your needs and financial goals. To learn more, please reach out to our professionals today. 


A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.
Contributions to a Traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.
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