Whether you work alone or employ others, we can guide you to a plan that will help you build wealth for the future while you focus on your business today. A small-business retirement plan is simply good business on many levels. It has benefits for you, your employees if you have any , and your business. The plan you select depends on several factors. Answering these 2 questions will help guide you to the plan that's best for your business. Answer the next question to help narrow your choices or learn more.
Retirement Plans for Self-Employed People
What are my retirement plan options if I’m self-employed or own my own business?
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Start Your Own Business
Not to mention, you get to do the things you enjoy doing and work with those you want to work with. What could be better than that? While the perks of self-employment are undoubtedly alluring, the truth is that working for yourself has a TON of downsides:. So before we learn how to be self-employed, we need to define your "why". Why do you want to be self-employed?
A number of retirement plans are available to business owners, independent contractors, and people who work for themselves outside of traditional employment. These plans include:. These plans provide tax advantages for contributions, but each has different rules, requirements, and contribution limits. Because of those high limits, they have mostly replaced Keogh plans , which were common before but are now referred to as qualified plans and have largely fallen out of favor. Self-employed individuals can contribute to SEP-IRA plans, as can business owners -- however, business owners must make contributions for all employees at the same fixed percentage of employee pay.