my job doesnt offer 401k program, what other options do i have?

Question

what banks or other programs can i use to substitute the fact that i cannot benefit from a 401k program at my work

Answer 1

roth ira up to 4k a year this is taxable income but the interest it earns in not taxable

regular ira limit depends on number in family and it is used to reduce your current taxes and the interest earned is taxable!!!

Answer 2

Assuming you are in your 20s or 30s, a Roth IRA is probably a good idea. If you are older, a traditional IRA may be better (especially if you think that in retirement, you'll be in a lower tax bracket than you are now). You can contribute up to $4,000 to an IRA ($5,000 if you're 50 or older).

If you are self-employed, you could set up a SIMPLE IRA or SEP IRA. These accounts are somewhat more complex than the IRAs, but you can put much more money into them--about $10,500 for a SIMPLE IRA and as much as $45,000 in SEP-IRA if your income is high enough.

Mutual fund companies, credit unions and banks can help you open a retirement account. You're on the right track to be thinking about retirement savings. Any retirement account is better than none. Good luck.

Answer 3

You could open an IRA.

A traditional IRA will give you a tax deduction when you contribute similar to a 401k though a Roth IRA may be better if you are young. Roth IRAs are not tax deductible but they are not taxable when you withdraw at retirement. If you are young, the tax benefits on the back end of a Roth IRA usually outweigh the tax benefits of a Tradtional IRA on the front end.

Answer 4

It's okay if you don't have a 401(k), there are other ways you can grow your money with tax advantages. For instance, do you have IRA? That lets you put money in before it gets taxed and then it grows tax-deferred, meaning you don't have to pay tax on it until you take it out (usually after you retire). If you're interested in reading about IRAs, I usually use this site for financial info: http://www.plannerconnect.com/retirement-planning-retirement-income-ira.html

You can put money into an annuity also, which is a special investment product. There is some good basic info on annuities (http://www.plannerconnect.com/retirement-planning-annuities-types-of-annuities.html) if you don't know much. I think you can get an annuity with a lot of different insurance companies too, or just speak to a financial planner.

Answer 5

Definitely suggest a Roth IRA.

Answer 6

the easiest thing to do is to open a roth ira..check out vanguard or fidelity for the best choices and the lowest fees

Answer 7

hi check this link its useful


http://workathomedataentrysites.blogspot.com/

.