One of the most common retirement plans, a 401(k) can be a great way for people to start saving for retirement. Most large companies make monthly or biweekly contributions to their employees’ pension plans in this way, creating a savings account that isn’t taxed until withdrawn many years later. While this is a good start, the 401(k) has its limitations. Unfortunately, not all companies offer this retirement plan to their employees. People who work hourly or part-time jobs almost never get the opportunity to take advantage of a 401(k). Even if you are lucky enough to be contributing to this account your entire adult life, many people find that it still doesn’t bring in enough money on its own to ensure a comfortable retirement. Here are some other options for saving for retirement outside of your company’s 401(k).

Open up an Individual Retirement Account (IRA)

Most IRA contributions are tax-deductible, as the money is deposited before tax. These accounts are created by an individual with retirement in mind, and while you can contribute to them at any time, there are restrictions regarding when funds can be withdrawn. A typical IRA allows up to $5,500 of tax-free contributions per year. This number goes up to $6,500 when the investor reaches 60 years of age. A small loophole exists for couples, who can contribute up to $5,500 annually in each of their names, even if only one spouse works. The amount you are allowed to contribute is unlimited, but only the first $5,500 per person will be tax-deferred.

Taxation Differences in a Roth IRA

A Roth IRA is a slightly different type of Individual Retirement Account. With a Roth account, individuals pay taxes on the contributions as they make the deposits, and therefore will not have to pay tax on subsequent withdrawals. This is beneficial for the long-term, if taxes increase over the years. Investors will be able pay the lower tax up front and avoid paying a much higher tax down the road. Both Roth and traditional IRA accounts impose limitations on when you may begin to withdraw your money. If the investor withdraws money from an IRA before he is 59 ½ years old, he will be taxed heavily on his withdrawal.

Invest in the Stock Market

This type of investment can carry a lot of risk, but can also produce a very high return over time. Savings trends for today’s younger segment of the workforce is flipped on its head compared to their parent’s generation. While previous generations trusted nearly half of their savings to the stock market and only kept about a quarter of their assets in cash, millennials tend to do the opposite. Instead of being adverse to the stock market and the inherent risks involved, investors should learn about types of investments and investment strategies that can go a long way to increase their overall earnings.

Discussing your financial future with an investment advisor is a great way to get a leg up on your retirement. No matter where you live, you can find an advisor happy to help you with investments large or small. Many financial centers offer ongoing education on their websites, to encourage you to start thinking about your future now. Led by a globally-minded team headed by Damian Ornani , Fisher Investments has a valuable and free booklet on their education website, to encourage investors to learn more about their retirement options.

Savings Accounts and Tax Refunds

One of the simplest ways to squirrel away money for the future is to open a savings account. This may require more willpower and budgeting that the aforementioned methods, but if you are someone who is able to accumulate a pile of money without dipping into it every now and then, a savings account could go a long way. They typically have a low interest rate, but are federally insured never to lose value, so the money will always be there for you. If you are lucky enough to be in a tax bracket in which you receive a refund, use IRS form 8888 to directly deposit that money into a savings account.

No matter how you choose to approach your retirement plan, the main thing is to start by doing your research. Read up on all your options, and reach out to an advisor who can help you get started. Most investment companies offer free consultations to help you understand your options and the path necessary to achieve your long-term financial goals.