Don’t have a retirement plan at work? You are not alone! According to the U.S. Bureau of Labor Statistics as of March 2025, 28% of private industry workers did not have access to an employer-sponsored retirement plan.¹ Why? Some employers simply don’t offer one, self-employed workers may not set one up, or part-time workers may not qualify. The good news is that if you don’t have a retirement plan at work, you can still save for retirement!

Here are a few options to get started:

An IRA (individual retirement account) is yours and is not tied to an employer. Anyone with earned income can set up an IRA. There are two main types: traditional and Roth. With a traditional IRA, the money you put in today has the opportunity to grow for your retirement in the future, then you pay the taxes on your withdrawals when you retire. With a Roth IRA, it’s the reverse. You put money in after paying taxes, it may grow tax free, and then you get to withdraw it tax free if certain qualifications are met. There are a number of other factors to consider in selecting a traditional or Roth IRA. At Kletschke Wealth Management Group, we’ll work with you and your tax preparer, as needed, to help determine which type might work best.

If you are under age 50, the contribution limit for traditional and Roth IRAs is $7,000 ($8,000 if over age 50) for 2025.² Even if you can’t contribute the full amount, getting started and working toward it may help your retirement nest egg. You can fund the accounts once a year, or you can set up monthly transfers into the account.

As you look closely at your retirement strategy, you may find that your IRA is not enough to fund your entire retirement. There are still options for you to consider to help you. Once you’ve contributed the limit each year for IRA funding, you can keep going with a taxable investment account. These accounts don’t come with the same tax benefits as IRAs, but that doesn’t mean you can’t use them to invest for retirement! A taxable investment account doesn’t have a contribution limit. You can also set this account up to make monthly contributions so it is easy to do.

If you are self-employed or own your own business, consider a SEP IRA, SIMPLE IRA, or Solo 401(k) plan. There are, however, different rules and requirements for each option. We’ll also want to look at how your business is structured and how any employees may affect your plan choice. The important thing to know is that you have options available to help you prepare for retirement.

Social Security is not meant to be your only source of income in retirement. According to the Social Security Administration, the average monthly Social Security check for retirees was $1,976 (after the 2.5% cost-of-living adjustment (COLA) took effect in January 2025).³ It is possible that younger workers may see a lower amount and/or higher retirement age for benefits in the future. It’s best to be proactive and set aside your own savings for retirement!

When we help our clients plan for the future, we want to understand what kind of retirement they envision. Our goal is to take your dreams and aspirations, your budget, and your current retirement savings, and make a plan designed to get you financially prepared.

It’s important to know that there are options and professionals to help you along the way. If you need help, contact Korey, Tyler, or Kim at Kletschke Wealth Management Group at Stifel.

Kletschke Wealth Management Group
400 Gold Circle, Suite 220
Dakota Dunes, South Dakota 57049
(712) 252-6931
KWMG@stifel.com

Sources:
¹ Bureau of Labor Statistics, “Employee Benefits in the United States,” September 25, 2025
² Internal Revenue Service, “Retirement topics – IRA contribution limits,” 2025
³ Social Security Administration, “What is the average monthly benefit for a retired worker?” January 2, 2025
Stifel does not provide legal or tax advice. You should consult with your legal and tax advisors regarding your particular situation.