Rich Girl Roundup: No Access to a 401(k)? Here's What to Do
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Sep 18, 2023
Practical ways to save for retirement without an employer plan. Why IRAs and taxable brokerages are go-to defaults. How side-hustle options like Solo 401(k)s and SEP IRAs can expand retirement saving. Tips for persuading employers to offer retirement benefits. Ideas to automate contributions and mirror payroll habits on your own.
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volunteer_activism ADVICE
Open An IRA And Automate Contributions
Open an IRA and automate contributions to mimic 401(k) payroll deferrals.
Katie recommends choosing Roth or Traditional based on priorities and using automation so you still dollar-cost average without an employer plan.
question_answer ANECDOTE
Henah's Early Career Cost Of No 401k
Henah shares her personal struggle without a 401(k) in her 20s and 30s, which delayed retirement account growth.
She lacked earnings and tax-advantaged options, so she couldn't build the early compound foundation she needed.
insights INSIGHT
Automatic Payroll Deferrals Reduce Friction
Payroll deduction and automatic withholding in a 401(k) reduce friction and make saving easier.
Katie says the paycheck deduction nature, plus possible employer match, leverages human psychology to boost savings.
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Rich Girl Laura V. asks, "How would you recommend strategically investing for retirement if you don’t have access to an employer sponsored account or an HSA?" Katie and Henah walk through your other investment options along with some suggestions to help encourage employers to offer access to retirement plans.
Welcome back to #RichGirlRoundup, Money with Katie's weekly segment where Katie and MWK's Executive Producer Henah answer your burning money questions. Each month, we'll put out a call for questions on her Instagram (@moneywithkatie). New episodes every week.
Reminder: While we love diving into investing- and tax law-related data, we are not financial professionals. We have no formal financial education. We are not financial advisors, portfolio managers, or accountants. This is not financial advice, investing advice, or tax advice. The information on this podcast is for informational and recreational purposes only. Investment products discussed (ETFs, index funds, etc.) are for illustrative purposes only. It is not a recommendation to buy, sell, or otherwise transact in any of the products mentioned. Do your own due diligence. Past performance does not guarantee future returns. Money with Katie, LLC.
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