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The SSS PESO (Personal Equity Savings Option) Fund is a voluntary savings program that members can utilize to augment their retirement benefits from the regular membership. [20] Launched in September 2014, it is a provident fund that gives tax-free returns and it can be made available effective upon the retirement of the members or when certain ...
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.
While retirement planning usually isn't simple, it can be especially complex when you're self-employed. Not only might you face issues such as planning for regular retirement savings contributions...
Folks in business for themselves may also choose a solo 401(k), a retirement plan for self-employed people without employees (except possibly a spouse). This year, your pre-tax total contribution ...
Created by Commonwealth Act No. 186 and Republic Act No. 8291 (GSIS Act of 1997), GSIS is a social insurance institution that provides a defined benefit scheme. It insures its members against the occurrence of certain contingencies in exchange for their monthly premium contributions.
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.
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.
When you're self-employed, you don't have as many built-in protections as many employees have. You'll be responsible for your own health insurance, disability insurance and retirement planning.