If your employer does not offer a 401(k) match, you still have lots of options available to help you meet your retirement savings goals. For instance, you can invest more heavily in your future by contributing a higher percentage of your salary to your 401(k) plan or other tax-advantaged savings account. Continue reading to learn more.

Contribute to your 401(k) even without the match.

For 2023, you can contribute up to $22,500 into a 401(k). If you’re over 50 years old, you can add an extra $7,500. These amounts are taken off your taxable income for the year, so you’ll not only earn on your investments, plus interest, but you’ll reduce your tax burden as well.

Invest more heavily in your 401(k).

If your employer isn’t matching, you may want to put a higher percentage of your income into your retirement plan since you have only yourself to rely upon. If your company was providing a match, you might put in 6% of your salary and receive another 3% from your employer’s 50% match. Since you’re not getting that match, you may want to simply put 9% of your salary in yourself.

Contribute to an IRA.

Anyone can take out a self-directed Individual Retirement Account. Even if you have an employer-sponsored 401(k), you’ll be able to contribute funds to both. The benefit of an IRA is that the fees are low and there are unlimited investment options. The downside is that you can only contribute a maximum of $6,500 into this account (or $7,500 if you’re 50 or older), so you’ll have to put more money into your 401(k) once you hit the IRA’s annual ceiling.

Open a Solo 401(k).

You may consider opening a Solo 401(k) if you’re self-employed or earn income from freelance work or side jobs. If your employer offers a traditional 401(k), an alternate option might be to open a Roth Solo 401(k) in which you pay taxes up front in exchange for a tax-free withdrawal in retirement. You can also elect to make profit-sharing contributions to a Solo 401(k) plan.

Talk to your employer.

Talk to your employer, as you may be able to persuade your company to begin offering a match. One big advantage of employer matches is that they can be taken as deductions on the federal corporate income tax return, and are often exempt from state and payroll taxes as well. Plus, offering a match makes employers more competitive, so they can quickly recoup the expense by improving their employee retention rate.

Retirement lasts for roughly a quarter of your life. Employers and employees alike can make sure their retirement savings goals are met by starting an affordable, easy-to-manage 401(k) for small businesses. From Safe Harbor plans that avoid annual IRS testing to a Roth 401(k), we can help you find the right plan that is tailored to the needs of your business. See how simple it is to get started by contacting us today for your free consultation.