🎙 THE SUNLIGHT PODCAST
EPISODE 73: FU Money for the People

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On today’s episode, I’m talking about an important topic that I’m very passionate about: saving for retirement. I’m sharing why it’s so important to make sure you contribute to your retirement, how it can help you become a millionaire and some important facts you should know.

Join me to learn about saving for your retirement and some of the benefits you can get by starting today.

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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

If you’re a self-employed individual without payroll, saving for retirement can be a daunting task. With no employer-sponsored retirement plan to contribute to, it can be easy to put off saving for the future. However, there is a perfect solution for self-employed individuals without payroll – the Simplified Employee Pension Individual retirement account (SEP IRA).

A SEP IRA is a retirement plan that is specifically designed for individuals who are self-employed, including freelancers, independent contractors, and small business owners with no employees (or only a few). It allows you to contribute a percentage of your income to a tax-deferred retirement account, providing you with a valuable tool for retirement savings.

One of the main benefits of a SEP IRA is its high contribution limits. As of 2022, you can contribute up to 25% of your net business income, up to a maximum of $61,000. This is significantly higher than the contribution limits for traditional and Roth IRAs, making it a great option for self-employed individuals who want to maximize their retirement savings.

Additionally, a SEP IRA is easy to set up and maintain. There is minimal paperwork involved, and you can open an account with most financial institutions, including banks, brokerage firms, and mutual fund companies. Once your SEP IRA is established, you can make contributions as often as you like, up to the annual contribution limit.

Another advantage of a SEP IRA is its flexibility. You can adjust your contributions each year based on your business income, allowing you to take advantage of higher contribution limits during profitable years. And if your business has a down year, you can scale back your contributions accordingly.

Furthermore, a SEP IRA offers the same tax benefits as other retirement accounts. Your contributions are tax-deductible, which can help lower your tax bill and increase your retirement savings. And just like traditional IRAs, your investment earnings grow tax-deferred until you start making withdrawals in retirement.

For self-employed individuals without payroll, a SEP IRA provides a simple and effective way to save for retirement. Its high contribution limits, ease of setup and maintenance, and tax benefits make it an attractive option for those who are looking to build a secure financial future. If you’re self-employed and looking for a retirement plan that caters to your needs, a SEP IRA might be the perfect choice for you.