Are You A Sole Proprietor: The Three S’s For Retirement

In today’s ‘gig economy’ more and more individuals are picking up some sort of side hustle to improve their financial situation.  Along with that trend, people in their mid 50’s are stepping away from their corporate jobs in the search of freedom and flexibility to start their own consulting LLC’s.  This new plethora of part time and full-time entrepreneurs leaves a maze of dizzying choices on what kind of potential retirement plan is available when you own a brand new business. One easy way to remember what kinds of retirement plans are available to you is to remember the three S’s of retirement which are SIMPLE IRA plans, a SEP IRA plans, and a Solo 401(k) plans. The SIMPLE IRA Plan The SIMPLE IRA Plan is a simple, easy to set up retirement where an employee may defer up to $13,000 in 2019. Employees age 50 or over can make a catch-up contribution of up to $3,000. The salary reduction ...

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