How do I retire at old age with money in my pocket? I have heard of a 401 k what is that can someone explain and what if my job does not?

401k allows you to put money aside for retirement savings on a pre-tax basis, so you don't pay income tax on the money you put into it. This is done through your employer and your contributions are taking directly out of each paycheck automatically so it doesn't rely on you to remember to make the contributions.

Some plans also offer a "ROTH" 401k option which isn't pre-tax, so you don't save money on income taxes, but in the end when you withdraw the money you won't owe tax on it.

If you work for a government agency, including local schools, parks departments, or similar then the plan would be called a 403B, its basically the same thing as a 401k.

If your employer does not offer these options then you can go to any investment broker or bank and open a personal retirement account called an IRA.

A traditional IRA gives the same pre-tax benefit of a 401k, and a ROTH IRA gives the same benefits of a ROTH 401k with no tax owed on the growth.

A 401K is a tax-deferred retirement savings plan thru your employer. You don't pay federal income tax on the money you put in or on the growth until you take it out. If your employer doesn't offer it, you can set up something similar called an IRA thru a broker or bank.

Even if your company does not offer a 401k, and even if you don't get an IRA through a bank or brokerage, you can still save money for retirement.
Just keep in mind that Social Security and any job pensions you get, may not be enough money to give you a nice old age. So you need to save as much as you can now, so you will have a better later.
There are many ways to be a saver. You can go to a bank and open a savings account, you can purchase CD's (certificate of deposit). You can purchase US Savings Bonds. And yes, you can have your own bank IRA.
To keep your bank deposits FDIC insured, try not to put all your eggs in one basket. For example, instead of having one bank account with $100,000, break that down into two or three accounts, maybe not all at the same bank.
Be consistent and persistent. Plan now, because tomorrow is too late.

j

You can set up your own with a broker. You just pay in every month.