Say an unexpected $20,000 lands in your lap and the only stipulation is that you invest it for retirement. Great, you say. But now what? If you're a teen or young adult, choosing the best place to put retirement money — before even getting to the point of choosing exactly how to invest it — depends partly on whether you have a job. While you might not have access to a 401(k) plan through work, there are other retirement-savings options that give you a break on your tax bill either now or in your golden years.

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For example, even if you work just part-time, you can contribute up to $6,000 in 2019 — or up the amount you earned if less than that — to an individual retirement account. "I'd open a Roth IRA and max it out if you qualify," said certified financial planner Sophia Bera, founder of Gen Y Planning. Although contributions to Roth IRAs are not tax-deductible, they grow tax-free and withdrawals are completely tax-free once you reach age 59½. Be aware that while you generally can withdraw any amount you contribute, taking out any of the earnings before that age can result in a tax penalty unless you meet an exception. A traditional IRA also is an option. While you can get a tax break for contributions (within income limits), you'll pay regular income taxes on it when you make withdrawals in retirement. Regular IRAs also come with required minimum distributions — annual amounts you must take out to avoid a penalty — once you reach age 70½. Roth IRAs do not.