One of the biggest obstacles to saving for retirement is when your employer doesn’t offer a 401(k) or you work for yourself.

If you’re self-employed or work for a company that doesn’t offer a retirement plan, you will need to put in some extra effort to save for retirement.

On the plus side, you have several tax-advantaged options from which to choose.

1) IRA

If you work for an employer that doesn’t offer a retirement plan, you can take a deduction on your tax return for contributions to a traditional individual retirement account (IRA), no matter how much money you make. In 2024, you can deduct up to $7,000, plus $1,000 in catch-up contributions if you’re 50 or older. If your spouse is covered by a workplace plan but you are not, you can deduct the maximum contribution if your modified adjusted gross income is less than $230,000. If your MAGI is between $230,000 and $240,000, you can claim a partial deduction.

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