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The self-employed have several plan options, including defined contribution plans such as a solo 401(k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too.
A SEP-IRA was one of the first retirement plans devised for the self-employed. With a SEP, you’re allowed to contribute up to 25% of an employee’s compensation into a SEP retirement account.
The solo 401(k) offers one of the best options for the self-employed to save money quickly, and if your spouse is involved in your business, you can really take maximum advantage of the program.
Check out the best retirement plans for small business owners with employees, including a 401(k) providers list and self-employment IRA options. Simplified Employee Pension (SEP) IRA providers
A Solo 401(k) (also known as a Self Employed 401(k) or Individual 401(k)) is a 401(k) qualified retirement plan for Americans that was designed specifically for employers with no full-time employees other than the business owner(s) and their spouse(s). The general 401(k) plan gives employees an incentive to save for retirement by allowing them ...
No self-employed person has to be envious of other workers’ pensions, IRAs, or 401(k)s with these approaches to retirement planning you can do largely on your own.
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