I am on W2 making $200K with a company the doesn't offer a 401K. What are my retirement contribution / tax reducing options?

Question

I am an hourly employee on W2 making >$200K with a company the doesn't offer a 401K.   I have been self employed in the past and have a Solo 401k as well as Traditional.  For taxes I file jointly with my wife who is self employed and has a Solo 401k as well.
What are my retirement contribution / tax reducing options?

mhoran_psprep · Answer

You have several options:

IRA
Health Savings account, if the company offers a High Deductible Health plan.
529 plan if you have kids or others family members you want to help pay for their education. It can help save on state income taxes now and the growth if used for education avoids state and federal taxes.
Your wife can maximize her retirement savings.

You can request that your company create a 401(k) program. Sell it as a recruitment feature, and it also might keep some employees around.

I am on W2 making >$200K with a company the doesn't offer a 401K. What are my retirement contribution / tax reducing options?

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