Many people think they have to work for a company instead of starting their own business because they do not think they can have their own retirement plan or get the benefits from it that other employers get. The fact is, you can! In fact, if you are self employed there are benefits to having your retirement plan up and running on your own.
If you have a SEP-IRA or a Keogh, then you also have a potential deduction. You can deduct your contributions on your personal income tax return. These plans are rather straightforward and simple to set up. Once you do, you have the ability to take advantage of this benefit in the long term. Talk to your financial planner about how to set up and manage these types of accounts. You may be surprised by how much you can save by saving in this way.
Comments on this entry are closed.