Q&A of the Week August 24, 2022

Question

What options for retirement plans are available for people who are self-employed?

Answer

Self-employed individuals can take advantage of five primary retirement plans:

1. IRAs

2. SEP-IRAs

3. SIMPLE IRAs

4. Solo 401(k)

5. Defined benefit pension plans

Similar to all retirement plans, there are pros and cons for each. Your CPA and/or financial advisor can help determine which plan(s) are best for you.