If you don't have a retirement account and don't know where to start, you're not alone.

About 40% of Americans don’t have a retirement savings account, according to global analytics and advisory firm Gallup. Their survey showed that people who make less money are less likely to have retirement accounts.

Rob Williams, managing director of financial planning at Char෴les 🏅Schwab, said that while many want to save for their futures, they are unsure where and how to start. This could especially be true for those who are just trying to make ends meet and are living paycheck to paycheck. 

The simplest way to start is by making sure you're enrolled in your company-sponsored retirement account, such as a 401(k), Williams said. He recommends that employees opt for the highest match theꦚir company allows to maximize their retirement savings.

However, not everyone has access to these advantages, like those who are self-employed, work for smaller firms, 澳洲幸运5官方开奖结果体彩网:change jobs frequently, or work in the service industry. As a result, these groups are also more likely to have little to no retirement savings, as are younger Americans who think they have plenty of time to start saving.

That doesn't preclude people without access to a 401(k) or who lack a lot of wiggle room in their budget from saving for retirement. Here are some tips from financial experts on how to get your retirement savings started from scratch.

Make an Emergency Fund First

With 澳洲幸运5官方开奖结果体彩网:economic uncertainty and inflation, keeping money readily availaꦬble for those “just-in-case” moments is even mo🐻re crucial, experts said.

“Having an 澳洲幸运5官方开奖结果体彩网:emergency fund first is essential before contributing to retirement savings. Starting with a little will add up quickly if you stay committed,” said Kelly Renner, founder of Life Strategies♏ Financial Partners.

Start Out Small

Any money put toward your retirement is money to help the future you meet your needs. Even if you skip a $20 meal eating out and put it into your account, it's a good start, said Certified Financial Planner Melissa Caro.

“The first step isn’t about hitting some magi🎐c savings target; it’s just opening the account. The dollar amount matters less than the momentum. You don’t need six figures to begin; you just need a crack in the door,” Caro said.

Open an IRA Account

Many financial advisors suggest opening an 澳洲幸运5官方开奖结果体彩网:individual💦 retirement account (IRA) if you 🎃don’t work for a company that offers a company-sponsored retirement plan.

“A Roth IRA is usually ಌthe easiest entry point if yoꦗu don’t have a 401(k),” said Caro, who also recommends automating your contributions by treating your savings like a bill.

IRA accounts aren’t attached to an employer, so they offer flexibility. In 2025, most individuals under 50 can contribute up to $7,000 annually, depending on their 澳洲幸运5官方开奖结果体彩网:modified adjusted gross income.