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  2. 5 Best Retirement Plans for the Self-Employed - AOL

    www.aol.com/5-best-retirement-plans-self...

    For 2024, self-employed people can only contribute up to $23,500 to their 401(k) plans, with an additional $7,500 “catch-up” contribution permissible for those ages 50 and older.

  3. Best retirement plans for the self-employed - AOL

    www.aol.com/finance/best-retirement-plans-self...

    Here are the details on self-employed retirement plans, ... and you won’t pay extra fees. With a solo 401(k), you can make an employee contribution – up to $23,000 in 2024 – as well as an ...

  4. Solo 401 (k) - Wikipedia

    en.wikipedia.org/wiki/Solo_401(k)

    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 ...

  5. SEP-IRA - Wikipedia

    en.wikipedia.org/wiki/SEP-IRA

    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 ...

  6. Retirement plans in the United States - Wikipedia

    en.wikipedia.org/wiki/Retirement_plans_in_the...

    Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.

  7. A complete guide to SEP IRAs: Why those who are self-employed ...

    www.aol.com/finance/complete-guide-sep-iras-why...

    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 ...

  8. Federal Insurance Contributions Act - Wikipedia

    en.wikipedia.org/wiki/Federal_Insurance...

    Under the SE Tax Act, self-employed people are responsible for the entire percentage of 15.3% (= 12.4% [Soc. Sec.] + 2.9% [Medicare]); however, the 15.3% multiplier is applied to 92.35% of the business's net earnings from self-employment, rather than 100% of the gross earnings; the difference, 7.65%, is half of the 15.3%, and makes the ...

  9. A common misconception among gig workers is that setting up retirement plans is expensive and complicated. ... “While the money freelancers pay into Social Security likely won’t cover 100% of ...