Almost Half of Americans Don't Have a Retirement Account. Here Are 3 Big Reasons They Should

You'll often hear that it's important to set money aside for retirement. And while you could always keep your nest egg in a regular savings account, a better bet may be to house that money in an IRA or 401(k).

But surprisingly, only 54.3% of Americans have a retirement account, according to recent data from the Federal Reserve. If you're currently without an IRA or 401(k), here are a few reasons to sign up.

1. Future financial security

You may have gone through periods of life when you were pretty cash-strapped. Well, if it wasn't fun being almost broke in your 20s, imagine how not fun it might be to land in a similar boat in your 60s or 70s.

A lot of people think they don't need to save for retirement and can instead just plan to collect Social Security. Those benefits, however, will only replace about 40% of your pre-retirement income if you earn a typical wage. If the idea of a 60% pay cut doesn't appeal to you, then that alone is a good reason to open an IRA or 401(k).

2. Near-term tax savings

When you put money into a regular savings account, it doesn't do anything positive for your taxes. In fact, the interest you earn on your savings account balance adds to your tax burden.

But the money you put into a traditional IRA or 401(k) serves as a tax break, because the IRS can't tax you on your contributions. So let's say you put $3,000 into your traditional IRA this year and your tax bracket is 22%. This means you're saving yourself $660 right there.

3. Tax-advantaged growth on your investments

When you invest in a traditional brokerage account and make money on your investments, the IRS taxes you the same year -- and every year you make a profit. With a traditional IRA or 401(k), taxes on gains are deferred, so you don't pay them until you take withdrawals from your account. With a Roth IRA or 401(k), investment gains are completely tax-free.

Open a retirement account ASAP

You might think it doesn't make sense to open a retirement account until you have a substantial amount of money to contribute to it. But you can start by saving $50 or $100 in an IRA or 401(k), and that's totally fine. The key is to just get started.

First, see if your workplace offers a retirement plan like a 401(k) or 403(b). If you work for a school or nonprofit organization, the latter may be an option you're presented with, but you should know that 403(b)s work just like 401(k)s.

If you don't have access to a workplace retirement plan, you're not at all out of luck. As long as you earn income, you can open an IRA at any bank or financial institution that offers one and manage that account yourself. But do yourself a favor and get the ball rolling so you can begin to set yourself up with a retirement nest egg while enjoying tax benefits along the way.