From the course: Planning for Retirement

Unlock the full course today

Join today to access over 22,400 courses taught by industry experts or purchase this course individually.

Self-employed retirement accounts

Self-employed retirement accounts

From the course: Planning for Retirement

Start my 1-month free trial

Self-employed retirement accounts

- If you're self-employed, you have more retirement options available to you than you would as a W2 employee. But how do you choose which one is right for you? In this lesson, I'll show you how to choose a retirement plan that's right for you and right for your business. The most important factors to consider are: Whether you have employees. How much you can save from your business income towards retirement. Retirement account contribution limits. Tax benefits, whether they be Roth or traditional. Simplicity. And cost of administration. Let's start with whether you have employees. If you do, most retirement plans for your business will require you to make contributions for your employees as well, to keep things fair. And also because the IRS has lots of rules about it. For a small business with W2 employees, connect with a financial planner to find the most cost-effective plan that fits the needs of your business.…

Contents