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Print icon Resize icon Workplace retirement plans get a lot of bad press, primarily if they are loaded with high fees. But truth be told, k retirement plans have been a boon to millions of Americans with access to them. Put simply, k s work. In addition to providing an income-tax break, the plans are designed to fend off our worst impulses. For instance, you pay a penalty plus taxes due for withdrawing money too early.

However, this does not influence our evaluations. Our opinions are our own.

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Since k s were introduced inemployer matching programs have been an important incentive for workers to fund their retirement accounts. However, no company is required to provide a match, and for financial reasons, many choose not to.

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Are k s still a good option? If anything, you need to save more.

Saving for Retirement When You Don't Have a Regular Job

But should you use a k? An IRA?

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IRA make money without contributionsthe diversity of funds available and whether the money is deducted from your paycheck pre- or post-tax. IRAs also have eligibility requirements that may make your choice obvious.

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If You Have to Pick Because each financial situation is so specific, you should consult a financial advisor before choosing between a k and an IRA, if you must. But in general: Contribute to an IRA first.

The Bottom Line Many people find themselves outside of the formal workforce from time to time—or for good—some by choice and others after layoffs. Some join the vast gig economy. Others try consulting, freelancing, or staying home to care for their family. When people stop picking up a regular paycheck, they often stop contributing to retirement savings. This is not wise.

Without an employer match, the main reason to prioritize your k is gone. Assuming you qualify, your IRA is likely to provide you with more flexibility than a kboth in terms of your investments and your tax preferences. Many financial institutions also offer no-fee IRAs and automatic withdrawals from your checking account.

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If you can afford to contribute more, put it in a kwith or without the match. Most importantly, choose whatever option — or combination of options — lets you maximize your retirement savings, make money without contributions adjust as your salary and circumstances change.

Now what? Are you stuck with only contributing to tax-favored accounts? There are plenty of options for you to keep building wealth if you bring home a big check.

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