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Retirement Savings Options for the Self-Employed

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.

Why You Should Revisit Your Estate Plan

Estate planning is an important, but often times overlooked, aspect of financial planning. Estate plans are used to make sure that an individual’s final property and health care wishes are honored and loved one’s are taken care of in the event of incapacity or after their passing. Estate plans are typically comprised of a variety of legal documents and financial strategies including a will, power of attorney (POA) and health directives, trusts, insurance policies, beneficiary designations, gifting strategies, and projected estate tax liability.

529 Plans vs. Roth IRA

According to Lloyd Sacks, a Certified Financial Planner and managing director of the private client group at Sacks & Associates, contributing to a 529 plan has some benefits when it comes to your taxes. “Some states allow a deduction for contributions made to in-state 529 plans,” he said.

4th Quarter Fallout

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.

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