Category: Business Owners
Retiring Well When You're Self-Employed
Youre a driver of the economy a true American entrepreneur and whether you have a team supporting you, or you are the whole team, it can seem like a challenge to make sure you are saving enough for retirement. If youre like many of our clients, youre probably constantly putting money back toward growing and reinvesting in your business. But what about your own future? Fortunately, the freedom of being your own boss also offers you several options to choose from in terms of your own retirement. It all comes down to how much you need to save, how close you are to retirement, and what your goals for retirement are. 1. Solo 401(k) (Sometimes called Uni-k or Solo-k) With a solo 401(k), for IRS purposes, you are considered both an employer and employee, and therefore, can contribute in both capacities. Your elective deferrals (meaning the part taken from your salary, pre-tax), can be up to $18,000/year. Total contributions for those under 50 years of age is $54,000 in 2017 and if you are
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