Discover which self-employed retirement plan is best for you.

During this webinar, Alex Perny of Advanta IRA covers the types of self-employed retirement plans geared toward small businesses, outlines key features, and much more.

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Learn more about Advanta IRA:

For customer inquiries please contact:
Alex Perny, CISP
Business Development Specialist
APerny@AdvantaIRA.com

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retirement planning is essential for everyone, but it can be especially challenging for self-employed individuals. Without the benefit of employer-sponsored retirement plans, self-employed individuals must take responsibility for their own retirement savings. Fortunately, there are several retirement plan options available that cater to the needs of self-employed individuals.

When selecting a retirement plan as a self-employed individual, it’s important to consider factors such as your income, age, and retirement goals. Here are some tips to help you choose the right self-employed retirement plan:

1. Evaluate your income and savings goals: Before selecting a retirement plan, take a look at your current income and estimate how much you will need to save for retirement. Consider factors such as your desired retirement age, lifestyle, and any other sources of retirement income you may have.

2. Consider tax advantages: One of the main advantages of saving for retirement through a retirement plan is the potential tax benefit. Some retirement plans, such as a Simplified Employee Pension (SEP) IRA or a Solo 401(k), allow you to contribute pre-tax dollars, which can reduce your taxable income and lower your tax bill. Consider the tax advantages of each plan before making a decision.

3. Explore your options: There are several retirement plan options available for self-employed individuals, including SEP IRAs, Solo 401(k)s, and Individual (solo) 401(k)s. Each plan has its own features and benefits, so it’s important to understand the differences between them before making a decision.

4. Consider your future needs: As a self-employed individual, your retirement savings may need to serve as your primary source of income during retirement. Consider factors such as inflation, healthcare costs, and potential fluctuations in the market when selecting a retirement plan.

5. Seek advice from a financial advisor: If you’re unsure about which retirement plan is best for you, consider seeking advice from a financial advisor. An advisor can help you assess your financial situation, set retirement goals, and select the best retirement plan to meet your needs.

In conclusion, choosing a retirement plan as a self-employed individual requires careful consideration and planning. By evaluating your income, savings goals, and tax advantages, exploring your options, considering your future needs, and seeking advice from a financial advisor, you can select a retirement plan that will help you achieve your retirement goals. Remember, it’s never too early to start saving for retirement, so start planning today to secure your financial future.