The best way to save for retirement is in a retirement savings account.

There are lots of different types of investment accounts, but retirement accounts like IRAs and 401(k)s were created specifically to give people incentives to save for retirement.

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1. **Get your free money.** If your company offers an employer-sponsored retirement plan, like a 401(k), and matches any portion of the money you contribute, direct your first savings dollars into that account, at least until you receive the full match. If your plan doesn’t offer matching contributions, or you don’t have a workplace retirement plan, start with the next step.
2. **Contribute to an IRA.** We’ll help you figure out which type of IRA is better for you — a Roth or traditional — in a moment. The annual IRA contribution limit is $6,500 in 2023 *($7,500 if age 50 and older)*. If you're self-employed, there are retirement accounts for you also.
3. **If you max out the IRA**, turn back to your 401(k) or other employer plan and continue making contributions there.
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