Posted on September 24, 2007
Filed Under Business, Retirement, Small Business, self employed | Leave a Comment
Being self employed is about more than just sticking it to the man. You are your own boss. You have the freedom to take control of your business, make the decisions, and ensure the safety of your own future. This article, spanning several parts, will give you the down and dirty details on each of the options that you have for retirement.
SEP-IRA
Short for Simplified Employee Pension Individual Retirement Account, a SEP-IRA is a simple alternative that is treated much like a regular IRA, but has advantages over some of the other options.
Continue reading Retirement Options for Self Employed Part 1 - SEP IRA
Posted on July 15, 2007
Filed Under Retirement, Saving, Taxes | Leave a Comment
If you have thought about starting to save for your retirement then this is little incentive may give you an even better reason. If you contribute to a retirement account and meet certain restrictions, then the saver’s tax credit may allow you to reduce the amount of taxes that you owe by up to $1000!!
What is the saver’s tax credit?
Depending on certain restrictions such as age and income, the saver’s tax credit could save you 10% to 50% of the eligble contributions that you make to your retirement plan.
Continue reading Saver’s Tax Credit
Posted on June 8, 2007
Filed Under Finance, Retirement, Saving | Leave a Comment
Which is better?
An IRA, both traditional and Roth, is an excellent tool to help you save for your retirement. But the question is always asked: which is better?
Since both types of IRA have advantages, the answer varies per person. To help us better understand the situation, let’s take a look at both types of IRA.
Traditional IRA
- Contributions are made with pre-tax money
- At age 59.5 you can start withdrawing
- Money is taxed as earnings when withdrawn
- subject to a 10% penalty if withdrawn before age 59.5
- No income restrictions
Continue reading Traditional IRA vs Roth IRA
