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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.
The flexibility around solo 401 (k) contributions, investment options, and relatively low management requirements makes the plan an attractive alternative for small business owners or sole ...
A solo 401 (k) plan is a retirement account for self-employed individuals or business owners with no full-time employees, but the IRS says you can use the plan to cover you and your spouse.
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 ...
A SEP-IRA was one of the first retirement plans devised for the self-employed. With a SEP, you’re allowed to contribute up to 25% of an employee’s compensation into a SEP retirement account.
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.
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