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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?

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  • Unfortunately, it looks like your only option is a traditional IRA and maybe an HSA. – gaefan Dec 9 '20 at 13:15
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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.

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  • Roth IRA is also an option with the backdoor conversion of an IRA. Also, don't neglect just a regular old brokerage account. Yes, it won't be quite as tax-advantaged as some of these other choices, but all-in-all it isn't horrible -- you pay income taxes on what you put in and then you pay income taxes on profits you make when you sell them. Additionally, there aren't any penalties for accessing that money earlier than certain ages. A plain old brokerage account is part of a well-balanced savings plan, in my opinion. – R. Hamilton Dec 10 '20 at 18:23

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