So That Startup Pays Great But Doesn’t Have A Retirement Plan? Expert Advice On A DIY Solution

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Workers offered payroll-reduction retirement plans at work are 15 times more likely to save for their retirement, but only about half of all private sector workers are offered those plans. And this isn’t just a challenge for low-wage work. More than 12 million employees in the top two earning quintiles ($40,000 or more) did not have access to a workplace plan. Even among top-quintile earners ($63,500 or more), over 25% are not offered a retirement plan at work.

So what should you do if you’re making a great salary but aren’t offered a retirement plan?

“If you are an employee in a high-earning profession and have taken a job in a start-up or small business, don’t be surprised if there’s no retirement program in place,” says Angela Antonelli, the research professor and executive director of the Center for Retirement Initiatives at Georgetown University’s McCourt School of Public Policy. She studies and advocates for programs that increase Americans’ access to plans, but is also acutely aware of the challenges of not having one.

In the tips below, she offers advice for high earners who don’t have a work benefit program.

And in the Retirement Checkup special feature, Antonelli and other experts prescribe best practices across every level of preparedness.

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