4 Ways to Save for Retirement After Maxing Out Your IRA

If you don't have access to a 401(k) plan through your employer, then the obvious way to save for retirement is to use an IRA. IRAs are a great option, but they have one rather serious drawback compared to 401(k)s: the annual contribution limit is much lower.

In 2017 you can contribute up to $18,000 to a 401(k) account, plus a $6,000 catch-up contribution if you're 50 or older. But with IRAs, the contribution limit for 2017 is a mere $5,500 with an additional $1,000 catch-up contribution permitted if you're 50 or older. Thus, if you're contributing 10% of your income (the lowest recommended percentage) you'll butt up against the base contribution limit as soon as your annual income exceeds $55,000. Fortunately, there are other options for your hard-earned retirement savings.

Image source: Getty images.

Source: Fool.com