Dear Olga,
Can you give me tips to start planning for retirement when my full time job does not provide me with a retirement plan?
Thank you,
FBR
Dear FBR,
I recently explored how many employers provide 401k plans in a blog post and about only 56% of employers actually provide a 401k account as a benefit for their employees. I'm glad you asked this question, because you're not alone.
For those folks who don't have a 401k plan provided by an employer or you're a freelancer, there is a similar option called an IRA. The yearly limit for 2019 to contribute to an IRA is $6,000 per year, which is significantly less than the $19,000 limit for 401k accounts. However being able to take advantage of similar savings incentives is better than nothing.
Even if you don't have the same limit as a 401k account holder you can still save a substantial amount. Here is an infographic from Fidelity to give you an idea:
You can open an IRA account through most financial institution like your bank or investment companies like Charles Schwab and Etrade.
I hope this gives you a good place to start. If you need more ideas, feel free to write in again.
Good luck!
Olga