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Home»Retirement»Best retirement plans for the self-employed
Retirement

Best retirement plans for the self-employed

December 20, 2024No Comments2 Mins Read
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The Ultimate Guide to Retirement Planning for Self-Employed Individuals

Retirement planning is essential for everyone, especially for self-employed individuals who don’t have access to employer-sponsored retirement plans. Luckily, there are several retirement options available for those who work for themselves.

Key Points:

  1. Solo 401(k): A Solo 401(k) allows self-employed individuals to contribute as both an employer and an employee, potentially allowing for higher contribution limits.
  2. SEP IRA: A Simplified Employee Pension Individual Retirement Account (SEP IRA) is a tax-deferred retirement plan that allows self-employed individuals to contribute up to 25% of their net earnings from self-employment.
  3. SIMPLE IRA: Savings Incentive Match Plan for Employees (SIMPLE) IRAs are easy to set up and maintain, with lower contribution limits than a Solo 401(k) but still offering valuable tax benefits.
  4. Keogh Plan: A Keogh Plan is a tax-deferred retirement plan for self-employed individuals or unincorporated businesses, allowing for higher contribution limits than other retirement plans.
  5. Traditional or Roth IRA: Traditional and Roth IRAs are available to self-employed individuals and offer tax advantages, with Traditional IRAs providing tax-deferred growth and potential tax deductions, and Roth IRAs offering tax-free growth and withdrawals in retirement.

    By carefully considering your financial situation and retirement goals, you can choose the best retirement plan for your self-employment needs. Start planning for your future today to enjoy a secure and comfortable retirement tomorrow.

    Retirement Planning

    For more information on retirement planning for self-employed individuals, consult with a financial advisor or retirement planning specialist to explore all your options and make informed decisions for your financial future.

Plans retirement selfemployed
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