About this episode

Laura reviews various retirement plans available for self-employed individuals and small business owners.

1017. If you think that you must have a cushy job to access a retirement plan, you’re mistaken. There are excellent retirement accounts for the self-employed or those running a small business. Laura reviews the rules, pros, and cons of different retirement plans you might choose based on your income, business size, and financial goals. Key Takeaways: Whether your employer doesn’t offer a retirement plan or you’re self-employed, you can save for retirement using one or more tax-advantaged accounts. Anyone with earned income qualifies for a traditional IRA, making it an excellent option for investing on a pre-tax basis. If you have earned income that’s less than an annual threshold, you qualify for a Roth IRA, which gives you tax-free income in retirement. If you have income from a business with no employees, other than a spouse, you qualify for a solo 401(k), which offers the highest contribution limits. If you have income from a business with or without employees, you qualify for a SEP-IRA. Upcoming Wedding Series: We want your questions about wedding finances! Whether you're the bride, groom, or a guest, send us your questions about budgeting for the big day. Email…

People in this episode

Host: Laura

Topics covered

• retirement plans
• self-employed
• small business
• tax-advantaged accounts
• financial goals

Keywords

• retirement plans
• self-employed
• IRA
• solo 401(k)
• SEP-IRA

Mentioned in this episode

Organizations: QuickAndDirtyTips.com

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