Are you self-employed or have a side hustle? Then this episode is for you! You started this as a full-time position or as a means to add some additional money to your budget. At one point you will realize you are making money, and you want to make sure you have some for the future. Just like there is an order of operations for every dollar in your army of dollar bills. There is an order of operations for your retirement as well.
What are your options for retirement planning as a self-employed person? What are the pros and cons of each option? You want to make the correct decision for your short and long term goals to achieve financial independence. That’s what we talk about in this installment of The Money Guy Show.
We love that you guys are out there, whether you are self-employed or hustling on the side, working so hard to create more income to achieve your goals and dreams. You should let your money work just as hard for you by making sure you are taking advantage of the correct retirement plan. Tune in this week to learn about the different retirement savings strategies that you have as a self-employed person.
Here is what we cover in today’s episode:
- What are the three questions you should ask yourself before you decide which retirement plan you should utilize
- How much are you able to save
- Do you have any employees
- Are you eligible or a participant in another retirement plan with your job
- What type of retirement accounts are available to you and the pros and cons of each option
- Traditional IRAs
- Roth IRAs
- SEP IRAs
- Solo 401(k)
- SIMPLE IRAs
- 401 (k)
- What are 415 funding limits
Resources Mentioned in this Episode & Related Episodes
- Financial Order of Operations: How To Prioritize Your Financial Goals https://www.moneyguy.com/2018/08/financial-order-of-operations-how-to-prioritize-your-financial-goals/
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