A new job can have numerous advantages -- higher pay, better hours, or a nicer office. But it can also pose some initial challenges. You'll need to learn how your new employer operates and familiarize yourself with new tools.
You might also be unable to contribute to your employer's 401(k) plan right away. Or your employer may not offer a retirement plan at all. This doesn't have to derail your retirement plans, but it does mean you'll need to put in a little extra effort to stay on track.
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How to save for retirement without a 401(k)
A 401(k) enables you to defer a portion of your paychecks for retirement, so you don't have to remember to make contributions on your own. But when you join a new company, you may not be eligible to participate in its plan right away. Some companies also cannot afford to offer 401(k)s, leaving you to save for retirement on your own.
If you only have to wait a few months or a year until you're eligible to join your company's 401(k) plan, you might be tempted to put off retirement savings until then. But this probably isn't your best move. You'll miss out on the investment growth you could've had during this window, and the tax break you could've gotten for stashing money in a retirement account.
Instead, you could open up an IRA. These accounts have lower contribution limits than 401(k)s -- just $7,500 for adults under 50 in 2026, compared to $24,500 for 401(k)s. However, this should be more than enough for most people. You'll also be able to make an $1,100 IRA catch-up contribution if you're 50 or older.
You can choose between a traditional or Roth IRA, depending on when you want to pay taxes on your funds. Traditional IRAs give you a tax break on your contributions today, but require you to pay taxes on your withdrawals later. Roth IRAs have no upfront tax break. Instead, they let you take tax-free withdrawals in retirement. Both types of IRAs also give you the flexibility to invest in pretty much anything.
You may be able to set up automatic transfers from your bank account to your IRA, eliminating the need for manual transfers. Consult with your IRA provider if you're unsure how to proceed.
Use your HSA if you max out your IRA
If you max out your IRA in 2026 and still want to set aside more for retirement, you might be able to fall back on a health savings account (HSA) if you have one. This is a medical savings account that can also serve as a retirement account, offering the added benefit of tax-free healthcare withdrawals.
You can only contribute to one of these if you have a high-deductible health insurance plan. This is one with a deductible of $1,700 or more for an individual in 2026, or $3,400 or more for a family. Qualifying individuals can save up to $4,400 here, and families can save up to $8,750. Those 55 and older can add another $1,000 to these limits.
Employers sometimes give you access to one of these accounts, and some even make contributions to your HSA on your behalf. Note that these count toward your annual contribution limit.
If your company doesn't offer one, you can open an HSA with many banks and brokers if you qualify. Ideally, you want a provider that will enable you to invest your HSA funds. This will help them grow more quickly, so they'll be worth more by retirement.
What to do when you become eligible for your new employer's 401(k)
Once you become eligible for your new employer's 401(k), you'll have to choose whether to start using this account or continue with your IRA and HSA. It usually makes sense to use your 401(k) if you're eligible for a company match until you've claimed the entire thing.
After that, it's up to you to decide which plan best serves your needs. There's nothing wrong with sticking with your IRA if you prefer its investment options to those of your 401(k). Just be sure you follow the rules of the account you choose and avoid exceeding the annual contribution limits.
