You enter your career with little thought about retirement. You may contribute to a retirement account through work, perhaps even have a match your employer offers!

But in today’s society relying on a potential 401(k) and Social Security doesn’t cut it because of the financial risks that you will face during retirement like inflation rate, tax rate, and even long-term care and medical costs.

Here are a few investment options that you may want to consider if you don’t have a 401(k) or IRA:

Health savings account (HSA). If you have a high-deductible health plan, you may be eligible to open an HSA. HSAs allow you to save money on taxes and invest your savings for future medical expenses.

Taxable brokerage account. A taxable brokerage account is a type of investment account that is not tax advantaged. This means that you will have to pay taxes on any capital gains or dividends that you earn on your investments. However, taxable brokerage accounts offer a lot of flexibility in terms of what you can invest in.

Business ownership. If you’re entrepreneurial, you may want to consider starting your own business. Business ownership can be a great way to achieve financial independence. However, it’s important to do your research and make sure that you’re prepared for the challenges of running a business.

No matter which investment option you choose, it’s important to start saving early. The earlier you start saving, the more time your money has to grow. And remember, even small amounts of money can add up over time.

Here are a few tips for investing for retirement in today:

• Set a goal. How much money do you want to have saved for retirement? Once you know your goal, you can create a plan to reach it.
• Make a budget. Track your income and expenses so you can see where your money is going. This will help you identify areas where you can cut back in order to free up more money for retirement savings.
• Automate your savings. Set up a direct deposit from your paycheck into your retirement savings account. This way, you won’t even have to think about saving money.
• Rebalance your portfolio regularly. As you get closer to retirement, you’ll want to shift your investments to more conservative investments. This will help you protect your money from market volatility.
• Learn about the risks facing your retirement. Attend our Shatter Your Retirement Risks Masterclass to learn The Top Ten Retirement Risks and modern solutions that will save you money in retirement!