IRAs and 401(k) are incredibly popular employer offered retirement plans. Many employers currently offer them and with the recent passage of the SECURE Act legislation, even more small businesses and enterprises will be able to offer such benefits to employees. However, IRAs and 401(k)s do have contribution limits, which can be on the lower side–especially for IRAs. Thus, if you find yourself in a situation where you want to do some serious catching up (aside from making catch-up contributions) with your retirement savings or have a sudden windfall (i.e. an inheritance), you may need to look at opportunities to help grow your nest egg outside of those traditional retirement accounts. Now, this doesn’t mean you can’t still make contributions to IRAs or 401(k)s if you have them, but rather, that you should look to open an account for the money you have left over once you’ve maxed out contributions. A very popular option is to open a taxable investment account. A good example of this would be to open an online brokerage account (i.e. E*Trade, TD Ameritrade, etc.). These types of accounts have no contribution limits and no limits on when you can withdrawal the money. They also offer a wide range of investment options (i.e. stocks, ETFs, Mutual Funds, etc.). However, these accounts are taxable and depending on the size and transactions done yearly, things might be a little confusing come tax time. A word of advice before opening a taxable investment account, do your research beforehand and take the time to assess what your tolerance for risk is, what your long-term goals are, and understand the different type of investment options. Investing can be an efficient way to grow your nest egg over time, but remember, there are risks involved. If you have questions about setting up a taxable investment account or just want to talk further about it, then you should speak with a certified financial planner or investment professional.