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News & Tips

Alternative Ways to Save for Retirement Beyond 401(k)s

A 401(k) typically offers tax advantages and employer-matched contributions. But perhaps your employer doesn’t offer a 401(k) or you’re self-employed. Or, maybe you’d like to diversify your retirement savings portfolio—a wise choice! 

Keep in mind that you may need more than Social Security benefits in your golden years to cover all necessary and unexpected expenses comfortably. So, if you can, start stashing cash as early as possible to give your funds time to grow for your nest egg. 

Let’s look at some of the best alternative ways to save for retirement that go beyond 401(k)s. 

Alternative Ways to Save for Retirement

Be sure to save at least 3-6 months’ worth of expenses for emergencies—preferably in a savings account that allows you to access your funds at any time without penalties or fees for making withdrawals. 

A helpful mindset is to think of your emergency savings account as a financial first aid kit and a retirement account like a cookie jar. The two accounts have very specific purposes!

You have many options when it comes to ways to save for retirement. Just remember that you don’t necessarily have to put all your eggs in one basket. While this list is by no means exhaustive, here are 10 alternative ways to save for retirement beyond 401(k)s: 

1. Traditional IRA (Individual Retirement Account)

 This type of IRA allows you to make pre-tax contributions that can grow over time, and you can possibly deduct contributions from your taxable income (but you’re subject to income taxes upon withdrawal). As of 2023, the maximum annual contribution is $6,500 for those under age 50 and $7,500 for age 50 and older. 

2. Roth IRA

 With a Roth IRA, you’d make after-tax contributions. The benefit of this account is that your contributions can grow tax-free, and you don’t have to pay taxes on your withdrawals upon retirement. Plus, you can withdraw your contributions penalty-free before you’re 59 ½ years old (but you’d have to pay a 10% penalty on earnings before that age). The maximum annual contribution is the same as for traditional IRAs.

3. Health Savings Accounts (HSAs)

Not only can an HSA help you pay for health care if you have a high-deductible health plan, but it can also allow you to earn interest on the account free of federal taxes. You can get a federal tax deduction for contributing to the HSA, employers can also contribute, and you can roll over an IRA into an HSA if necessary. You can also make withdrawals at age 65 without the 20% penalty for non-medical uses (but that amount it subject to taxes).  

4. SEP IRAs, SIMPLE IRAs, and Solo 401(k)s

 If you’re self-employed, then a Simplified Employee Pension (SEP) IRA, a SIMPLE (Savings Incentive Match Plan for Employees) IRA, or a Solo 401(k) may be a good option for you. All three operate similarly to a traditional IRA, where your contributions grow tax-deferred until retirement. They tend to offer more flexibility and higher contribution limits than traditional or Roth IRAs, but the requirements and limit amounts vary based on if you have employees or not. Learn more about these retirement plans here.

5. CDs (Certificates of Deposit) & IRA CDs

 With both CDs and IRA CDs, you’d need to deposit a minimum amount, which earns interest during the term you’ve chosen. With an IRA CD, the deposit must come from an IRA. You could even ladder CDs as part of your investment strategy.

At Space Coast Credit Union (SCCU), you can open CDs and IRA CDs for as little as $5006, and they’re lower-risk investments because they’re federally insured by the NCUA and ensure a guaranteed rate of return and maximum security. Not to mention we offer CD and IRA CD terms from 3 to 60 months!

6. Annuities

Annuities are insurance contracts that financial institutions issue and distribute. They’re a way that you can receive a steady income stream, and they often help minimize the risk of outliving your assets when you’re retired. Best of all, they can earn interest!

In the accumulation phase, you’d fund the annuity with a lump sum or periodic payments. Depending on the product’s payout period, or “annuitization phase,” you’d receive variable or fixed payment amounts either immediately or at a later age (deferred). 

Be aware that annuities often have a “surrender period,” a period of time where you can’t make withdrawals unless you pay a charge or fee (similar to CDs).  

7. High-Yield Savings Accounts

If you’re looking for a low-risk way to save money that can grow thanks to competitively high interest rates, then high-yield savings accounts check the boxes. Make sure that it’s FDIC- or NCUA-insured up to $250,000 per depositor. Plus, with this type of savings account, you often will have easy access to your funds if you need them. 

8. Money Market Savings Accounts

 These types of savings accounts often have higher minimum balance requirements than high-yield savings accounts. As they’re often FDIC- or NCUA-insured too, they’re a safe way to grow your savings at a good rate while having easy access to your funds. Learn more about money market savings accounts

9. Investment Accounts

Aside from IRAs, you could look into a standard brokerage account (also known as a taxable brokerage account), where you have options to invest in stocks, mutual funds, bonds, exchange-traded funds, and more. 

You’ll need to keep in mind that it’s very likely you’ll need to pay taxes on any interest or dividends you’ve earned or gains on investments you’ve sold that year. You could choose to open an individual or joint taxable brokerage account. The risks will vary depending on the type of accounts and investments. 

10. Real Estate

Investing in real estate, such as buying a rental home or flipping a unit, often requires a large amount of capital up front, but it may help bring in income to pad your savings. 

You don’t necessarily have to go the direct route. You could also look at more hands-off strategies that may offer capital gains. For example, investing in a real estate investment trust (REIT), a real estate investment group (REIG), or in an online real estate platform (real estate crowdfunding). 

The risks and returns on real estate will vary.

Note, with any of these alternatives, consult a tax advisor for further information regarding the deductibility of interest and charges.

What is a better option than a 401(k)?

 The best alternative to a 401(k) often depends on how you earn income, how comfortable you are with investment risks, and how many years you have until retirement. As IRAs and HSAs have many beneficial qualities specific for retirement and also offer many tax advantages, they’re often the top alternatives to 401(k)s. Learn more about the differences between 401(k)s and IRAs here.

While savings accounts and CDs offer low-risk ways to save for retirement, your money will not likely grow at the rate of IRAs. It’s a good idea to meet with a financial advisor to evaluate your income streams and retirement goals. A good approach: maintaining a well-balanced, diversified portfolio that ultimately helps you mitigate risk and allows your contributions to grow at reasonable rates. 

Saving for Retirement Calculators

 Would you like to estimate how long your retirement savings will last, how much you’ll need for retirement, or how much monthly income you’ll have in your golden years? Our online retirement calculators can help you with that! You’ll also find calculators to help you estimate your Social Security benefits amount, determine whether to spend or invest extra money in an IRA, and so much more. See all of our financial calculators

SCCU Offers a Wide Range of Savings Options

 Needless to say—we offer a variety of accounts that make for great savings vehicles for retirement! We offer IRA options and HSAs. Check out all of our savings account options too—including our round-up savings program (SCCU Saving Cents) and Christmas Club Savings.  

As the third-largest credit union in Florida, we offer competitive interest rates, and our brand promise is Honest People. Trusted Products. Time Valued. We serve members in 34 counties both online and at more than 60+ branches in Florida. As long as you live or work in any of our service counties, you can become a member at SCCU with a $5 Share Savings deposit. 

Learn more about opening an IRA at SCCU today!

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What are Common Car Loan Terms?
August 5, 2021 By Space Coast Credit Union
Do you feel like your brain’s dissolving into Jell-O as you’re exploring car loan repayment periods? It can feel overwhelming as you’re weighing the pros and cons between short-term and long-term loans. Common car loan terms usually range between 24 and 84 months—but which one is right for you?
5 Top Tips to Getting the Best HELOC Rates
July 29, 2021 By Space Coast Credit Union
Whether you’re getting your feet wet or diving in the world of loans, a HELOC is often a prime choice for borrowers. And the crown molding on top? You can often get a lower interest rate with a HELOC than with other types of loans and credit cards! See our 5 top tips to getting the best HELOC rates...
Choosing the Best Credit Card to Fit Your Needs (+ Where to Get It)
July 23, 2021 By Space Coast Credit Union
Credit cards can be an excellent tool for building credit when you’re financing purchases both big and small. Most credit cards today deliver some form of benefit with membership—accumulating points, cash back, airline miles, or other deals, consumers have a wealth of choices.
How to Prevent Identity Theft While Traveling
July 15, 2021 By Space Coast Credit Union
Traveling involves a lot of planning to have a memorable time with loved ones. The last thing you want is a fraudster ruining your vacation. These tips will help you prevent identity theft before, during, and after your vacation.
How Does a Home Equity Line of Credit Work? A Guide to HELOC Loans
July 9, 2021 By Space Coast Credit Union
Most people have heard of a Home Equity Line of Credit (HELOC), but you may not be as familiar with how they work. In today’s deep dive, we’re going to explore all the ins and outs of this fantastic loan vehicle for homeowners to get the cash they need to do repairs, renovations, and more—all based on the equity they already have in their home.
FHA Loans: What to Know Before You Apply
July 7, 2021 By Space Coast Credit Union
It’s not always easy to save up for the large down payments that some types of mortgages require. The good news? There are other loan options that can help you reach your homeownership goals.
How to Make Your Loan Payment
April 1, 2021 By Space Coast Credit Union
SCCU’s loan payment process is designed to be as quick and convenient as possible, saving you two of the things you care about most – time and money.
Five Tips to Building Your Dream Home
April 1, 2021 By Space Coast Credit Union
Here are 5 tips to building your dream home, from creating a prioritized list of wants and needs to choosing the best lender for your home construction loan.
Financial Peace: Pay Your Dues & Your Debts + Restore Hope in 5 Simple Steps
February 3, 2021 By Space Coast Credit Union
Discover how to obtain financial peace in 5 simple steps. Learn how to pay off your debts the right way and educate yourself on how to live financially free.
The Definitive Guide to Achieving Financial Freedom
January 29, 2021 By Space Coast Credit Union
This guide offers steps that you can put into practice immediately as you work towards financial freedom.
6 Things to Consider when Starting a New Business
August 26, 2020 By SCCU's Business Services
At SCCU, our Business Advisors meet with small business owners daily, as a free service offered to our business members. We’ve found that these six steps help business owners think through some of the important considerations when starting a new business- allay their fear of the unknown and growing their confidence.
7 Steps to Hire Employees while Reducing Risk
August 26, 2020 By SCCU's Business Services
These practices will not only reduce your risks and stress but save you time and money in the future. Here are seven steps to hiring, while reducing your business’s risk.
Branch Out with SCCU's Digital Banking
August 3, 2020 By Greg DeRoy
SCCU has several convenient services that can help you save time and keep you up-to-date on your accounts while on the go and from the comfort of home.
5 Tips for Buying a House During the Pandemic
June 30, 2020 By Space Coast Credit Union
Although you should move forward carefully in the homebuying journey, you do not have to put your dream home on hold.
SCCU’s Five-Minute Guide to Buying a Boat
March 12, 2020 By Gary Prager
Summer is here and there’s no better time to enjoy Florida’s great outdoors.
A Message from the President
January 29, 2020 By Timothy M. Antonition
As we enter a new year, I want to say thank you to our loyal membership and wish you all a prosperous year ahead.
Learn More About Our New Online Banking
August 14, 2019 By Space Coast Credit Union
Space Coast Credit Union is proud to announce an updated online and mobile banking experience with additional features is now available! Our new website, online banking, and mobile app feature a modernized layout, improved navigation, and upgraded design to improve your SCCU banking experience.
A Message From the President
January 3, 2019 By Timothy M. Antonition
As we start another year, I wanted to share with you my insights on what we accomplished as a team in 2018.
Protect Yourself from Identity Theft This Holiday Season
December 17, 2018 By Space Coast Credit Union
Here’s what you need to know to stay safe from identity theft this holiday season. 
Protect Yourself From the Grandparents Scam
September 7, 2018 By Space Coast Credit Union
While elder abuse often is targeted in the form of financial mistreatment, there are many other forms to be aware of.
How to Protect Your Smartphone
August 2, 2018 By Space Coast Credit Union
In this day and age, our smartphones play an integral part in our daily lives.
Beware of Overpayment Scams
May 2, 2018 By Space Coast Credit Union
Overpayment scams pose a threat to online shoppers and those who frequently do business online.
How to Manage and Protect Your Passwords
May 2, 2018 By Space Coast Credit Union
Consumers are more aware than ever about the risk of data breaches, but weak passwords are still prevalent. World Password Day, celebrated the first Thursday in May, was established to promote good password habits.
Roaming Mantis Malware Making Attacks on Android Devices
May 2, 2018 By Nicole Williams
Never install applications outside of the Google Play store.
The 5 Most Common Phishing Attacks
May 2, 2018 By Space Coast Credit Union
Phishing attacks rank among the most complex out there. 
How to Prevent Wire Fraud
April 5, 2018 By Space Coast Credit Union
Wire frauds are similar to mail frauds except that they occur strictly through communications transmitted by wire.
Mobile Deposit Fraud Issues
April 5, 2018 By Kim Lynn
SCCU’s  Loss Prevention department works hard to reduce membership losses and protect  members from fraud.
Stay Alert for Imposters
April 5, 2018 By Space Coast Credit Union
Usernames and passwords are among the most sought after pieces of information impersonators look for.
Mortgage Rates are Rising, is it Better to Buy or Wait?
April 5, 2018 By Gary Prager
If you’ve been on the fence, now might be the time to act.
SCCU’s Five-Minute Guide to Buying an RV
May 11, 2017 By Space Coast Credit Union
There’s a lot to know before you set foot on a lot. The more you research now, the better things will go.
4 Perfect Times to Consider a Personal Loan
February 16, 2017 By Space Coast Credit Union
Virtually everything costs money, and it’s often more than you’d expect it to be.
Leasing Vs. Buying a Car
February 8, 2017 By Space Coast Credit Union
The decision to lease or buy a car is a personal one. Don't let the dealer make it for you.
Common Mistakes During Open Enrollment
November 3, 2016 By Space Coast Credit Union
Be sure to watch out for these three common pitfalls when enrolling in workplace benefits.
7 Things to Do Before Your Next Road Trip
July 1, 2016 By Tim Alexander
One of life's greatest pleasures can be a summer road trip to your favorite vacation destination.
How Interest Rates Affect Your Mortgage
May 13, 2016 By Space Coast Credit Union
The interest rate on your mortgage can affect your monthly payment by thousands of dollars each month.
How to Protect Your Online Banking Account
April 30, 2015 By Nicole Williams
Life in today's connected world inevitably comes with plenty of passwords to remember.
The SCCU HomeAdvantage
March 1, 2015 By Gary Prager
Space Coast Credit Union aims to be the one-stop-shop for members purchasing a home.
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