Consider making the maximum pre-tax contribution to your company retirement plan, especially if it has a company match. Payroll deductions ensure the money will go into your account.
A company retirement plan will typically allow you to make a much higher annual contribution than an IRA, which is capped at $6,000 in 2019 (up from $5,500 in 2018). Catch-up provisions may apply.
Most company retirement plans allow you to take a loan against your account balance.
If you've maxed out the pre-tax annual contribution to your company retirement plan, and you qualify to establish a Roth IRA, save in the Roth IRA to take advantage of tax-free growth and withdrawals. If you don't qualify for a Roth IRA, you can make a non-deductible contribution to a traditional IRA.
Keep in mind that it's your responsibility to make sure you have enough money when you retire. Here are some questions to ask as you go along.
Are you saving enough?
How much can you afford to save?
How should you use your 401(k) plan to save?
What other retirement savings options do you have?
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