Saving independently for retirement is crucial if you want to be able to enjoy your senior years and not be worried about money constantly. And one of the easiest ways to build a retirement nest egg is to contribute to a workplace 401(k).
The nice thing about 401(k) plans is that they get funded through automatic payroll deductions. When the money for your retirement savings is coming out of your paycheck before you get a chance to touch it, it's a good way to stay on track.
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Also, many companies that offer 401(k)s also provide some sort of matching contribution. That free money could make it easier to build up a nice balance.
But it's not a given that you'll have access to a 401(k). And if you don't, you're not alone.
Almost half of the private sector workforce does not get retirement benefits through a job, according to Pew Research Center data, leaving about 56 million workers without a 401(k). The good news, though, is that you have other options for saving for retirement. Here's what you can do.
1. Fund an IRA
If you have a job you earn income from, that automatically qualifies you for an IRA. It doesn't matter if that job pays you an hourly rate or you work freelance.
One perk of saving for retirement in an IRA is getting the option to invest in individual stocks. With a 401(k), you're typically limited to different funds, like target date funds, mutual funds, and index funds. But you may want a more customized portfolio, and IRAs allow for that.
Of course, one drawback of using an IRA for retirement savings is that these accounts have much smaller contribution limits than 401(k)s. This year, you're limited to $7,000 if you're under 50 or $8,000 if you're 50 or older. In 2026, these limits are rising to $7,500 and $8,600, respectively.
If you're able to save for retirement beyond what an IRA allows for, you still have options, though.
2. Save in a taxable brokerage account
As the name implies, there are no tax breaks to enjoy with a taxable brokerage account. But there are also no restrictions.
With an IRA or 401(k), you're limited in how much you can contribute each year, and you're generally penalized for taking withdrawals before turning 59 and 1/2. You may also be subject to required minimum distributions unless you have a Roth IRA or 401(k).
With a taxable brokerage account, you can contribute as much as you want each year, take your money out when you want, or leave your money alone to your heart's content. Of course, since IRAs offer a nice tax break, it generally pays to max one out and then turn to a taxable brokerage account as a supplement. But it's still a good option to consider.
3. Open a health savings account
If you're enrolled in a high-deductible health insurance plan, you may be eligible to contribute to a health saving account, or HSA. HSAs actually offer a host of tax benefits. Contributions are tax-free; investment gains are tax-free; and withdrawals are tax-free as long as they're used to cover qualifying healthcare expenses.
While you can withdraw funds from an HSA ahead of retirement, reserving that money for your senior years could make a lot of sense. At that point, you're likely to have higher healthcare expenses and might appreciate having the funds to pay for them.
But also, once you turn 65, you can take an HSA withdrawal for any purpose without incurring a penalty. Non-medical withdrawals will be taxed, but you can think of an HSA as a backup traditional IRA or 401(k) for when you turn 65.
Plus, you don't need to be reliant on your employer to open an HSA. If your health plan is compatible, you can find one on your own.
While having access to a 401(k) could make retirement savings easier, you can do quite well for yourself without one. Steadily funding an IRA, taxable brokerage account, and HSA could leave you with a lot of money for retirement -- and a lot of options down the road.
