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If you’re self-employed, you may find that you’re so busy working to build your businesses, that you neglect retirement planning. But not having an employer 401k doesn’t mean there aren’t options to prepare for your future in retirement…..
As a self-employed person, you have many of the same options as employees in regards to tax-deferred retirement plans.
Below is a list of retirement plans to consider.
Disclaimer: This list is not exhaustive, but represents the most often-used, simplest options. This list is intended to provide basic information. Check with your financial advisor for rules and regulations as they apply to each. Figures represent 2019 tax year information.
Solo 401k (generally best for those with no employees)
SEP IRA (generally best for those with no, or few employees)
Simple IRA (generally best for those with up to 100 employees)
You’ll want to consider each of the above in combination with regular retirement plans, such as employee 401k’s, Traditional IRA’s, and Roth IRA’s.
Contact us if you have any questions…we’re happy to help!