Why You Don't Need a 401(k) to Retire Rich

Someone with a morbid sense of humor coined the phrase "There's more than one way to skin a cat." While the adage may or may not be true in the literal sense -- I have no experience in cat-skinning -- the underlying message definitely applies to retirement savings. You may have heard 1,000 times that you should be funneling at least 15% of your income into your 401(k), but that's not the only way you can retire rich.

It's easy to argue that a 401(k) is your first and best choice for retirement savings. Payroll deductions put your 401(k) savings on autopilot. You get tax deductions on your contributions, which helps your cash flow while you save. You might even get some free money via employer-match contributions. And your earnings grow tax-free so you can build wealth without the disruption of an annual tax bill.

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Source Fool.com