Alternatives for Self Employed Retirement Plans

If you are self employed, there are several choices of self employed retirement plans you can choose from. Do note that because you are both the saver and the employer, you may have to pay double the amount for some of them, although you may be able to offer those for current or future employees.

The Individual 401(k) is very much like the 401(k) that is used in large companies. The great thing about this plan is that it is flexible because there are no forced contributions. Furthermore, you can actually put more money in than the SIMPLE IRA, and can take loans from the plan. However, they tend to be much more costly, and can be hard to open as compared to the other plans. Hence, this plan is much more suitable for business people who are aiming to save at a higher cap.

The SEP IRA is a plan that is beneficial for self employed people. The good thing about this plan is that it is easy to start and is very affordable. The contributions are also higher than the SIMPLE IRA, and can vary each year so there is more flexibility to it. The drawback of this plan is that the weight of the funding is on the employer’s shoulders where they will need to match employee contributions. There is also no such thing as catch-up contributions nor loans with this plan. Therefore, this is best suited for people who does business on their own or has very few employees so that the funding weight is not too much. It is also suitable for people who prefer investing a significant amount of cash without needing to spend so much on starting the plan and conveniently maintaining it.

As for the SIMPLE IRA, it is a Retirement Savings that defers tax in their plan. Employers of small businesses with a total of 100 employees and below will need to contribute to this plan. The pros about this plan are that it is not very expensive and is very simple to start. There is also no need for annual government reports. In contrast, the contribution limits are rather low when compared to the other plans, and participants cannot borrow against their accounts. This is more suitable for small businesses that have no plans to borrow a loan and do not want to make much contribution.

Last of the self employed retirement plans would be the defined benefit plan that follows a formula that includes things like demographics and target benefit. The good thing about this plan is that employers can save much more compared to the other plans. However, there is no flexibility in the plan. Since this is based on a formula, this plan is best for business owners with high income, and wants to keep a large amount of money.

Read more details about related topics
self employed retirement plans
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