3. Limited access to employer-sponsored retirement plans

We talk about employer-sponsored retirement plans on our page very often, but the truth is that 49% of private sector workers do not have access to these plans. Are you a part of this group? If you’re not sure, talk to your employer about 401(k) plans and start contributing as early as possible!

Thanks to employer matches, your savings will grow substantially, but if you don’t have access to a 401(k) and you can’t rely on a career or job change that offers one, it’s time to look into Individual Retirement Accounts, also known as IRAs.

Make sure you familiarize yourself with how much you should save and how these accounts work. Tapping into them early could be your downfall, so most financial advisers recommend setting up an emergency fund alongside your IRA. Also, look into how taxes work for both IRAs and Roth IRAs in order to set up a game plan that is most suitable for your retirement.