If you've lost your 401(k) match, consider saving in an IRA first - Business Insider

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Without a match, it might be time to turn to an IRA

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, about 10% of employers have already suspended their matching program — the system by which an employer "matches" a percentage of the employee's contributions — or intend to. , sees this as a long-term change. "We have seen a number of companies who are considering what, if anything, they should do with their 401 plans and whether or not to take measures like removing match," he says.

While you might have saved in a 401 first to get the full match, that might not be the best move anymore. "If you're no longer getting the match and want more flexibility, look into putting more savings towards an IRA initially," Glotfelty says. 401 accounts come with higher, less transparent feesAnd, IRAs have an advantage in flexibility. They often have more investment types to choose from that wouldn't be accessible in a 401.

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