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About 16.5 million people in the U.S. are self-employed, according to 2023 data from the Bureau of Labor Statistics. For many of these workers, planning for retirement has its own quirks and ...
Note that the still-working exception doesn’t apply to retirement accounts for individuals or the self-employed, such as a traditional IRA or a solo 401(k), or retirement accounts you have with ...
A Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) is a variation of the Individual Retirement Account used in the United States. SEP IRAs are adopted by business owners to provide retirement benefits for themselves and their employees. [1] There are no significant administration costs for a self-employed person with no ...
The only remaining unprotected areas are the SIMPLE IRA and the SEP IRA. The SEP IRA is functionally similar to a self-settle trust, and a sound policy reason would exist to not shield SEP IRAs, but many financial planners argue that a rollover (or direct transfer) from a SEP IRA to a rollover IRA would give those funds protected status, too.
Fidelity SEP IRA plans cater to small businesses and self-employed owners with five or fewer employees. It offers two Fidelity SEP account options: a self-managed SEP IRA or Fidelity Go for ...
The PPA provides a new mechanism for an IRA to be passed on to a non-spouse beneficiary. Transferring an IRA account this way can allow better control over when to withdraw (and pay taxes on) the IRA funds. An IRA account can only be passed on once, and it is not directly transferred into the beneficiary's account. Instead, a special IRA ...
Roth IRA rollover vs. Roth IRA conversion. A rollover is when you move or “roll over” funds from one retirement account to another retirement account. So for example, if you leave your job ...
The SIMPLE IRA is an easy way for small employers, including the self-employed, to offer employees a retirement plan. The SIMPLE IRA can be easier for an employer to set up than many 401(k) plans ...
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