Self Employed Retirement Planning

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16 Responses

  1. No Debt MBA says:

    Glad I could help. Hope your friend now has the information he needs to select a retirement plan with all of the research you’ve done!

  2. krantcents says:

    One of the most overlooked options is selling the business. Presuming you work a lifetime building a business, it has value and can be sold. One of the best parts of selling a business is you are eligible for capital gains tax and you can offer financing. It could end up like an annuity. Since nothing is guaranteed, you should utilize all the deferred plans(401K, SEP IRA etc).

  3. Evan says:

    I love when beers turn into personal finance discussions! But that is probably why I am a tool with a PF Blog LOL

  4. If his business is profitable, he can put away tons of money in the 401k. I think up to $45k or something like that. He’ll save on tax too. I don’t know enough about that because I’ve always worked for the man. :(

  5. Being self-employed myself I’m a big fan of the SEP IRA. I love being able to sock away a little pre-tax money. I usually try to find a balance between that and Roth and which is kinda the opposite and fund both as much as I can (depending on how well I do that year).

  6. mbhunter says:

    Good post. There are lots of things to be concerned about when you’re self-employed, and retirement planning is one of them.

  7. The plans are pretty good for self-employed individuals who are making a lot money, they can save more money for their retirement because they can contribute more and potentially retire earlier than the employee counterparts!

    I guessed another benefit thrown by the government for small business owners.

    It’s good to know that there are a lot of options for self-employed not just the IRA.

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