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What are the best retirement plans for the self-employed?
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Mar 21, 2024 · Luckily, you’ve got options when it comes to retirement savings. To help you choose, we’ve taken a look at the pros and cons of the best self-employment retirement plans available. FEATURED...
- Cheryl Lock
- Traditional or Roth IRA. Best for: Those just starting out. If you’re leaving a job to start a business, you can also roll your old 401(k) into an IRA.
- Solo 401(k) Best for: A business owner or self-employed person with no employees (except a spouse, if applicable). Contribution limit: For 2024, it's $69,000, plus a $7,500 catch-up contribution or 100% of earned income, whichever is less, whichever is less.
- SEP IRA. Best for: Self-employed people or small-business owners with no or few employees. Contribution limit: The lesser of $66,000 in 2023, $69,000 in 2024, or up to 25% of compensation or net self-employment earnings, with a $330,000 limit on compensation ($345,000 in 2024) that can be used to factor the contribution.
- SIMPLE IRA. Best for: Larger businesses, with up to 100 employees. Contribution limit: Up to $15,500 in 2023, plus catch-up contribution of $3,500 in 2023 if you're 50 or older (up to $16,000, plus a catch-up contribution of $3,500 in 2024).
Feb 9, 2024 · 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...
Apr 5, 2024 · One of the most popular retirement plans for self-employed people is called a solo 401 (k). The IRS actually refers to these as one-participant 401 (k)s, though. The popularity of these accounts stems partly from the fact that it closely mirrors the types of 401 (k) plans offered by employers that many are familiar with.
Apr 12, 2024 · Key Takeaways. Without access to employer-sponsored 401 (k) plans, self-employed workers must pursue other strategies for retirement saving. Small business owners often reinvest in their...
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May 1, 2024 · Key takeaways. When you’re self-employed, you can save for retirement with tax-advantaged accounts like a SEP IRA, self-employed 401 (k), SIMPLE IRA, or Fidelity Advantage 401 (k) ℠ . A health savings plan (HSA) is another potential option for long-term savings, particularly since savings are not use it or lose it and can grow over time.
Apr 13, 2023 · This guide will walk you through four of the best retirement plans for self-employed people, including IRAs and solo 401 (k)s. Plus, read on for a comprehensive guide on how to choose the best workplace retirement plan for your lifestyle. Our Top Picks for the Best Self-Employment Retirement Plans.
