How you can save for retirement even if your employer has no 401(k)

If your employer is not interested in setting up a 401(k) plan, you may want to ask them to switch your status to a 1099, rather than a W-2, employee, Sun said.

Doing so will let you be paid as an independent contractor, freeing you to set up your own company.

Then, you could establish a retirement plan — such as a SEP IRA, a one-person 401(k) or even a pension plan, depending on your income — as a self-employed individual.

“The good news is it’s not too complicated,” Sun said. “Any decent tax professional should be able to give you some guidance.

“When you’re making $50,000 to $60,000, it’s worthy of the conversation.”