If your company doesn’t offer a retirement plan, like a 401(k), you’re not alone. According to the U.S. Bureau of Labor Statistics, you’re among 52% of workers who don’t have access to a defined contribution plan.1

Don’t let this discourage you. There are still many ways you can start saving for retirement. Consider these options:

Get a head start on retirement planning

55% of all workers don't have access to a defined contribution plan

If you’re not putting money into some type of long-term investment, then you’re putting your retirement future at risk. It will be hard for you to keep pace with your current standard of living in retirement if you don’t do something about it now. Keep in mind that investing in the stock market involves market risk, including the possible loss of the money you invest.

The sooner you invest, the more opportunity your money has to work for you. There are things you can do now to help ensure you have income throughout retirement.

Think about individual retirement planning

There are many ways to save for retirement outside of work, including:

  • IRA – Contributions are tax-deductible now. Withdrawals are taxed as ordinary income. And if taken prior to age 59½ they are subject to a 10% penalty. You can contribute to a traditional IRA until age 70½. And there are no income limitations.
  • Roth IRA – You’ll have to pay taxes on your contributions now. And you won’t be able to deduct them from your taxes. But any earnings grow tax-free. With a Roth IRA there’s no limit on how long you can contribute.
  • Guaranteed Retirement Income from Nationwide® – Make flexible contributions of at least $120 per year for at least 15 years or until you reach age 65, whichever is the longer period of time. When you retire, you’ll receive income every month, guaranteed, for the rest of your life.
  • Money market account – A higher-yield savings account that’s FDIC insured up to $250,000. Compared to a CD, you have regular access to your money with a money market account.
  • Stocks, bonds & mutual funds
  • CDs
  • Traditional annuities – An insurance contract issued by a life insurance company that provides income at regular intervals for a defined period of time, such as a specific number of years or for life.

1National Compensation Survey: Employee Benefits in the U.S., March 2017.

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The benefits of guaranteed retirement income

1 It’s not tied to the stock market. So there's less risk.
2 It’s flexible. You can contribute between $10 and $1,000 per month.
3 There are no sign-up or administration fees.
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Guarantees are subject to the claims paying ability of Nationwide Life Insurance Company. Rates are subject to change without notice. Fixed annuities are contracts purchased from a life insurance company. They are designed for long-term retirement goals. Withdrawals or surrenders are subject to income tax and if made before age 59½ may be subject to a 10% tax penalty. Your income may vary based on monthly contributions. Guaranteed Retirement Income from Nationwide is distributed and serviced by Nationwide Financial General Agency, Inc. Annuities are issued by Nationwide Life Insurance Company, Columbus, OH.