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Okay, but for real, it’s not hard BUT it is confusing if you’re not sure where to look.

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The most straightforward retirement account options for the self-employed are:
-Roth/Traditional IRA
-SEP IRA

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LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

As a self-employed individual, it can be easy to overlook the importance of saving for retirement. Unlike those with traditional employment, self-employed individuals don’t have the option of employer-sponsored retirement plans. However, there are options available for self-employed individuals such as Self-Employed Retirement Accounts or #shorts.

Self-Employed Retirement Accounts, also known as Individual Retirement Accounts (IRAs), allow self-employed individuals to save for retirement on their own. The two most common types of Self-Employed Retirement Accounts are Simplified Employee Pension (SEP) IRAs and Solo 401(k) plans.

A SEP IRA is a simple retirement plan that allows self-employed individuals to contribute up to 25% of their income or $58,000 for 2021, whichever is lower. Contributions to SEP IRAs are tax-deductible and grow tax-free until retirement.

Solo 401(k) plans, on the other hand, allow self-employed individuals and their spouses to contribute both as employees and employers. This means that you can contribute up to $19,500 as an employee and up to 25% of your income as an employer, with a combined contribution limit of $58,000 for 2021. Like SEP IRAs, contributions to Solo 401(k) plans are tax-deductible and grow tax-free until retirement.

Both SEP IRAs and Solo 401(k) plans offer self-employed individuals the ability to save for retirement on their own terms, while also receiving the same tax benefits as traditional employer-sponsored retirement plans.

It’s important to note that contributions to Self-Employed Retirement Accounts are typically due by the tax filing deadline of the following year. For example, contributions for the 2021 tax year must be made by April 15, 2022, or October 15, 2022, if you file for an extension.

In conclusion, Self-Employed Retirement Accounts provide self-employed individuals with the opportunity to save for retirement on their own terms. By taking advantage of these types of retirement accounts, self-employed individuals can effectively plan for their future retirement and secure their financial well-being. Be sure to consult with a financial advisor to determine which Self-Employed retirement account is best for your individual needs.