�鶹���³�Ʒ

You’ve probably heard the common wisdom to work up to saving about 15% of your income for retirement. For many, the simplest way to do that is with a 401(k).

But 401(k)s, for all their advantages, have yearly limitations on how much you can put away. Some employers set maximum 401(k) contribution limits that are below those established by the IRS. And the yearly 401(k) limits include all contributions—regular, catch-up and super catch-up. What if you want to save more? Luckily, you can super-charge your savings if you’ve maxed out your 401(k). Each of these retirement option has its own distinctive benefits.

Here’s help for saving if you’ve maxed out your 401(k) for the year.

Two types of individual retirement accounts (IRA) offer you flexibility for how to save more to max out your savings.

The first, a traditional IRA, is created with pre-tax funds, meaning you haven’t paid any taxes yet. When you use the money in retirement, you’ll pay taxes. An IRA also isn’t tied to an employer, so you never have to move it if you don’t want to. There are no income limits to saving in an IRA, and you can use it to consolidate other retirement accounts.

The second IRA is a Roth IRA; unlike a traditional IRA, you’ve already paid taxes on the funds you save in a Roth. Once you reach age 59½ and your account is at least five years old, you may withdraw original contributions and growth, tax free. However, there are income limitations on who can save in a Roth IRA.

Note: There is a single contribution limit that applies to the total you save in an IRA and Roth IRA. What that means for you depends on your income; if you exceed the total allowed for saving in a Roth IRA and you want to put away more, you may use just an IRA. Very often the IRS increases yearly contribution limits; to find the current amount you may put away, search “IRA and Roth IRA contribution limits.”

Roth IRAs have income limitations, but there is a non-traditional way to save in a Roth IRA, even if you exceed those restrictions.

Called a backdoor Roth IRA or a Roth IRA conversion, this option lets you move some or all of your traditional IRA savings into a Roth IRA. There are a couple of implications, including taxes: Because IRAs are created with pre-tax dollars, you’ll have to foot the tax bill at the time of conversion. But once the funds are in the Roth IRA, they’ll grow tax free, and retirement withdrawals won’t be subject to income tax either.

There’s one more type of backdoor Roth IRA, called a mega backdoor IRA. This involves converting after-tax 401(k) contributions to a Roth IRA. Note the difference: Most 401(k) contributions are pre-tax, meaning you haven’t yet paid income tax on those funds. So, an after-tax contribution is one you make with funds that you’ve already paid income tax on. This type of contribution must be allowed by your plan, so check in with your employer or plan provider first.

There are limits on the totality of what you can save in all types of 401(k) contributions, including employer contributions. You’ll have to pay income tax on the pre-tax funds converted, and on earnings. For a full picture of the impact on your financial goals with this option, talk to your financial professional and tax advisor.

If you’ve maxed out your 401(k), you can also use a brokerage account. It’s simply an investment account with which you buy and sell investments such as stocks and securities, with no contribution limitations. When your mix of investments goes up, you may see growth; when it goes down, you may see loss. Growth is taxed, but brokerage accounts may be more flexible in withdrawal limitations and associated penalties.

If you have a health savings account, or HSA, through your employer, your first impulse is probably to use it for medical-related expenses. But unlike a flexible spending account, or FSA, HSA funds can roll over (and potentially grow) from year to year—including into retirement. Contribution levels aren’t tied to your income, and you can save in an HSA no matter how much you’ve put away for retirement elsewhere. (Bonus: HSAs also have a catch-up contribution.)

Some retirement savings options such as HSAs have the potential to grow, meaning the amount you withdraw in your post-work years may vary. An annuity, however, offers a set amount of guaranteed income each month or year in retirement. You provide the funds, which are invested in a type of annuity (variable, fixed, to name a few), and payments are made to you based on a time period established by the annuity.

There’s no contribution limit to the amount you may save in annuities. Tax implications vary based on several factors (growth is generally tax deferred). A financial professional can help you sort through the options to find an annuity that’s right for you.

You don’t need to wait until you’ve reached your highest income years to max out your retirement savings. And, you don’t have to max them out every year. Perhaps you decide for a year or two to ramp up savings. Or maybe you’ve reached the age where retirement is getting closer, and you want to put away even more than you are. Whatever the goal, you can save more to continue to make progress toward your financial goals.