Dollars you put toward retirement may be able to be saved in one of several types of accounts each with its own advantages, contribution limits and other restrictions. And no matter which accounts you use, the earlier you start
saving for retirement the more you can benefit from compounding returns and tax advantages.
Contribute to a 401(k) plan to maximize employer match
Contribution matching from an employer 401(k) offers an immediate return on the dollars you save in the plan, making this one of the most advantageous retirement savings steps of all. Try contributing at least as much as the percentage your employer will match, so you don't leave "free money" on the table.
Maximize your 401(k) plan
Open a Traditional IRA or Roth IRA
If you've maximized your 401(k) contributions or don't have access to a 401(k), consider saving for retirement in an IRA. An IRA can offer tax-free growth and other tax advantages and allow you to access a wide range of investment choices. Use our
Retirement Account Selector tool to see what kind of account is right for you.
Make catch-up contributions
Open a Health Savings Account
If you have a high-deductible health plan, you can use an
HSA to save and pay for these qualified medical expenses in a tax-advantaged account.