Not having access to a retirement plan can be detrimental to your future, it's important to know your alternatives to an employer 401k when you're self-employed.
Being self-employed certainly has it’s perks, but making the trade-off of working for an employer versus working for yourself comes with quite the learning curve, especially when it comes to retirement savings.
The most common method of saving for retirement for Americans is through an employer defined contribution plan, like a 401k or 403b. These accounts are great, because not only do they come with a heap of tax benefits, your employer is the one setting it up for you, and often they are matching up to a certain percentage of your contributions. Who doesn’t like free money?!
When you are self-employed, it’s a whole different story, because the only one responsible for your retirement savings, is you. Luckily, you have several options out there. Read on to find out what accounts you can take advantage of, or check out this free online course that will walk you through all of your options, and tell you how to get started.
Hi, I'm Alicia- this blog is a way for me to share all of the helpful things I've learned from working in the finance industry, important money things that I probably wouldn't have learned otherwise, and things everyone should know about.