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For his retirement funds, Brian uses a balanced approach across investments. In addition to funding a self-employed 401k, he invests a portion of his income into mutual funds and ETFs.
Scenario #1 – A self-employed accountant makes $50,000 per year from her accounting business. Her maximum contribution is 25% of her post-contribution income ($10,000, which would be the same as saying 20% of her gross income), regardless of whether she uses a SEP-IRA, Keogh plan, or SIMPLE 401(k). Since there are less administrative costs ...
In 2023, you can contribute $6,500 per year to your account or $7,500 if you’re 50 or older. SEP IRA. A Simplified Employee Pension plan, or SEP IRA, allows you to deposit 25% of your earnings ...
For his retirement funds, Brian uses a balanced approach across investments. In addition to funding a self-employed 401k, he invests a portion of his income into mutual funds and ETFs.
Continue reading → The post How to Save for Retirement When Self-Employed appeared first on SmartAsset Blog. As a self-employed worker or small business owner, your list of responsibilities ...
You can choose from a number of 401(k) plans -- find out why a Solo 401(k) could be right for you.
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