You can contribute to an IRA
You contribute to a 401(k) through work. Or you're a stay-at-home spouse with no income.
In either case, you can still probably use an IRA to save for your retirement, says Slott.
Workers already contributing to a 401(k) can most likely still make contributions to an IRA if they want, he says. "A lot of times they think if they're in a company plan, they're not allowed," he says. "But that's not true."
Earn above a set income, though, and you may not get the full tax deduction for your traditional IRA contributions, says Slott. But that income ceiling won't affect most wage-earners, he says. IRS Publication 590 provides details about IRAs.
With a Roth IRA, there is no tax deduction, "but there are some high-income limits for who can contribute," he says.
Not working outside the home? As long as your spouse is earning enough to cover the contribution, you can fund your own spousal IRA in your own name, he says.
With an IRA, you can bank up to $5,500 annually per person, if you're 49 or younger. Fifty or older? You can salt away up to $6,500 this year.