What should you do to establish the best retirement plan for your business? How can you retire with over a million dollars when you’re a sole proprietor or independent contractor? Join Adam Bergman as he takes you through the options and lets you in on the secret sauce.
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About IRA Financial:

IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.

IRA Financial Group is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial Group, its management, salespersons or IFG’s in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.

IFG is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.

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As a sole proprietor, it’s important to plan for your future and ensure that you have a comfortable retirement. While employees of larger companies often have access to employer-sponsored retirement plans, sole proprietors do not have the same luxury. This means it’s up to you to take control of your retirement planning.

One retirement plan that every sole proprietor should consider is a Simplified Employee Pension (SEP) IRA. A SEP IRA is a type of retirement account that is specifically designed for self-employed individuals and small business owners. It allows you to contribute a percentage of your income to the account each year, with a maximum contribution limit of $58,000 in 2021.

One of the biggest advantages of a SEP IRA is its flexibility. You can adjust your contributions each year based on your business’s financial performance, which can be especially beneficial for sole proprietors whose income may fluctuate from year to year. For example, if you have a particularly profitable year, you can choose to contribute a larger percentage of your income to the SEP IRA, and if your income is lower in a subsequent year, you can reduce your contributions accordingly.

In addition, a SEP IRA offers tax advantages. Contributions to the account are tax-deductible, which can help reduce your taxable income for the year. The investments held within the account also grow tax-deferred, meaning you won’t have to pay taxes on any gains until you start taking withdrawals in retirement. This can allow your retirement savings to grow more quickly over time.

Setting up a SEP IRA is relatively simple and can be done through most financial institutions, such as banks, brokerage firms, or online investment platforms. Once your account is established, it’s important to make regular contributions to ensure that you’re building a substantial nest egg for retirement.

Another important aspect to consider when planning for retirement as a sole proprietor is to ensure that you have a complete understanding of your personal financial situation. This includes creating a budget for both your business and personal expenses, and regularly reviewing both to ensure they align with your retirement goals.

In addition to a SEP IRA, it’s also important for sole proprietors to consider other retirement planning tools, such as a traditional or Roth IRA, or a solo 401(k). These options may offer different benefits and flexibility depending on your particular financial circumstances and retirement goals.

Ultimately, the key to a successful retirement plan as a sole proprietor is to start as early as possible and to make consistent, disciplined contributions to your retirement accounts. By taking control and actively planning for your future, you can ensure that you have a comfortable retirement and peace of mind as you grow your business.