Wednesday, January 22, 2014

Self-employed people should use retirement products for designed for them

Here's a guide for self-employed people for setting up their own retirement.

It may be a little better for people who actually have employees.

The main options are a Solo 401(k) if you have no employees, a SEP IRA (Simplified Employee Pension), usually if you have no employees, and a SIMPLE IRA, a Savings Incentive Match for Employees of Small Employers.

The link for this report is on "Next Avenue", here.

There is a last piece of advise: don't count on selling your business to retire.

Remember. most taxi drivers are self-employed.  

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