Hello and

welcome to Moneygirls quick and dirty tips for a richer life.

Today's topic, what should you do if your employer doesn't offer a retirement plan?

A listener named Tiffany called in with this question.

Hello, Money Girl, my name is Tiffany, and I'm calling with a question. My question is if you already have an IRA and your company does not offer 401k, what's the next best way to start saving for retirement?

Thank you.

Thanks for the question, Tiffany.

Because your employer doesn't offer a retirement plan, putting money away into an IRA is a smart thing to be. an deductible contributions to a traditional IRA.

It's smart to make use of these tax-advantaged ways to invest for retirement.

Now in your case, Tiffany, it sounds like you're already contributing the maximum to an IRA, which is great.

So where should you look next?

Beyond a tax advantaged IRA, you'll want to save and invest through a regular brokerage

account.

While you won't get the tax advantages you get with a 401k or IRA,

you'll have a wide range of investment choices available to you,

and you can still invest in a tax-efficient way.

Before beginning to invest with a brokerage account,

be sure to first put away at least three to six months worth of living expenses

in an emergency fund.

Also, consider your other financial goals and how your retirement plan fits into the bigger picture.

You may need to balance saving for retirement with other goals such as saving for a down payment on a

house. When investing it's important to keep your eye on the prize.

...