How to Save for Retirement Without a 401k?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

1. Roth IRA or Traditional IRA

Example: If you contribute $6,000 annually to a Roth IRA starting at age 30, assuming a 7% annual return, you’d have about $884,000 tax-free at age 65.

2. Flexible-Premium Deferred Annuity with GLWB

Example: Investing $5,000 annually in a deferred annuity at a 4% annual growth rate from age 35 to 65 can provide a substantial nest egg, further secured by GLWB.

Retirement Savings Options Comparison

Saving OptionTax BenefitsContribution LimitsIncome Security
Roth IRATax-free withdrawalsYesNone
Traditional IRATax-deductible depositsYesNone
Deferred Annuity with GLWBTax-deferred growthNoGuaranteed income


Exploring alternatives like Roth IRAs, Traditional IRAs, and annuities with GLWB can effectively build your retirement savings without a 401k. Each option offers unique tax advantages and income security, tailored to different retirement needs.

Final Thought: Carefully consider your retirement goals and consult a financial advisor to choose the best strategy for you. Contact us today for a free quote.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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