Saving for Retirement When You Don't Have a Regular Job

How to make money without contributions, 7 ways you can maximise wealth from your work

The Bottom Line Many people find themselves outside of the formal workforce from time to time—or for good—some by choice and others after layoffs. Some join the vast gig economy.

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Others try consulting, freelancing, or staying home to care for their family. When people stop picking up a regular paycheck, they often stop contributing to retirement savings. This is not wise.

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Keeping up those contributions, however small, can make a big difference in the income you have after retirement. Key Takeaways Self-employed people can invest in a solo kwhich has higher contribution limits than the k version that employers offer.

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A non-employed spouse can contribute to an IRA if their spouse has taxable income. Health savings accounts how to make money without contributions designed to pay for medical expenses, but after you reach 65, that restriction no longer applies.

But the simple fact is that you don't need money to start a business. By Michael Lechter You often hear people say that "it takes money to make money". Well, as they say in the Gershwin song, "it ain't necessarily so!

How to Save for Retirement Without a Paycheck Though it's true that the majority of working people save for retirement via an employer-sponsored program, you can do it on your own. And you don't need regular employment to get the tax advantages that come with many plans. There are a number of ways to use existing retirement-savings vehicles to save independent of an employer, including a solo kspousal IRAand health savings account HSA.

Comment Synopsis You invest a chunk of your earnings in assets that either generates cash or increase in value over time creating wealth or income that is independent of you going to work. Here is how you can make the most from your job. The secret is to start now.

Solo k The solo kalso known as the independent kis designed for people who are self-employed as sole proprietorsindependent contractors, or members of a partnership.

It is for people who work on their own or with a spouse, and who do not have employees.

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The contributions combine deferred income and profit-sharing elements. Watch the deadline: Solo k plans must be established before Dec.

You don't need to be employed to save for retirement

This allows the family to double its IRA retirement savings. If Joe and his wife filed separately, he would be unable to contribute any turbo option advisors to an IRA for because he had no taxable compensation in that year.

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You can contribute to an IRA as late as April 15 of the following year. An HSA is a tax-advantaged account for paying non-covered medical expenses. For people who are employed, both the employer and the employee may contribute to the account.

Those who are not employed may contribute on their own behalf.

And those contributions are eligible for a tax deduction. Here's why: Distributions used for qualified medical expenses are tax-free at any age.

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Distributions that are not used for medical expenses are counted as income, and are taxable. The money deposited to an HSA doesn't have to come from earned income.

Image by Grace Kim.

It can come from savings, stock dividends, unemployment compensation, or even welfare payments. This can be an excellent way to invest money once you have exhausted your tax-deferred contribution amounts. In addition, since withdrawals from a taxable account aren't taxable again you've already paidan investment account gives you added tax-planning flexibility that can be helpful.

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The Bottom Line Saving for retirement without a regular paycheck is possible. You have several options to choose from that offer tax advantages. Investments in a brokerage account, while not tax deferred, can help grow retirement savings, too.

You Don't Need Money to Make Money

Regardless of which route you choose, start saving for retirement as early as possible so your money has more time to grow. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.

We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.