My Employer Doesn't Offer Retirement Benefits. Now What?
4 mins read

My Employer Doesn't Offer Retirement Benefits. Now What?

Scoring a job you love is pretty freakin’ awesome–especially if the benefits are enough to make you want to hug your boss everyday. Paid vacation and health insurance? Yes please! Unlimited sick days? Sign me up! But what if this amazing company doesn’t offer one of the most important benefits–a 401k? While we know this can be frustrating, we also know that it isn’t an excuse to avoid thinking about your retirement. Luckily, there are other retirement options that you can enroll in on your own to start saving for the future. Let’s talk about one of the most common types: Individual Retirement Accounts (a.k.a. IRAs).


If even uttering the word “IRA” makes you feel like you’re entering unknown territory, don’t panic -- we’re here to help you understand the basics. There are two common types of IRAs - Traditional and Roth - and both of these accounts allow you to save (and grow!) money for your retirement while offering a tax benefit for doing so. While the fundamentals of Traditional and Roth IRAs are the same, there are some important differences that you should know about. If you open a Roth IRA, there is no tax break for contributions, but withdrawals of your earnings are tax free in the future. Roth accounts also allow you to withdraw contributions before retirement without having to face any penalties. On the other hand, Traditional IRAs will help you save on taxes in the present, but if you want to withdraw money during your retirement, you are taxed at ordinary income tax rates. Still not fully sure what path to take? No worries, we’ve got you.


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At Finhabits, we make it easy to get started. Our platform gives you customized advice based on your profiles and needs, and we’re right by your side every step of the way. Once you’re done creating your account, you’ll be able to save as little as $5 a week. All you need is a little determination to get started and you’ll be on the right path towards building the habit of saving for retirement.


Now that you know how simple saving for the future can be, it’s time to get off the couch (or stay on the couch) and take action! Don’t let procrastination stop you from growing your money–start now and before you know it you’ll be way on your well to building a comfortable nest-egg for retirement.



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This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by Finhabits to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Finhabits, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader.

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