Retirement

Being self-employed or owning a small business gives you a certain measure of freedom in your career. According to the U.S. Bureau of Labor Statistics, 15 million people were self-employed in 2015 or about 10% of the country’s workers. There are a variety of retirement plan choices for business owners or freelancers including a traditional or Roth IRA, a solo 401(k), a SEP IRA, or a SIMPLE IRA. Here are some of the options you may want to consider.

Passions routinely lead to bad decisions. Retirement savers must control their passions. They must possess the discipline to sit quietly when everything in their heart (not their brain) tells them they must act.

One of the biggest disadvantages that participants face when taking a loan from a retirement plan is that the dollars used to pay the interest on the loan from the account are taxed twice. According to Lloyd Sacks, managing director of Sacks & Associates and a certified financial planner professional, the first tax occurs when the participant earns the funds and pays income tax on that earned income.

If you’re not already aware, healthcare planning is a big factor in retirement planning. Every year, Medicare recipients have the opportunity during the Medicare Open Enrollment Period to change their coverage options to better meet their health and financial needs.