When it comes to retirement saving, a 401(k) is often considered the gold standard. It certainly makes saving easier. But a third of private sector employees don't have access to a workplace retirement plan. Plus, about 15 million Americans are self-employed. The good news is that there are other accounts you can open yourself that offer similar benefits….
Year-End Retirement Savings Actions
The end of the year is approaching, but it may not be too late to make some retirement account decisions that can help you reduce your 2016 tax burden. In fact, for IRA accounts you have until your tax filing deadline (usually April 15 of the following year) to make a contribution that will count towards tax year 2016. With that in mind, here are a few last-minute moves you can make that will qualify you for retirement savings tax perks....
Retirement Planning for the Self-Employed
The nature of the job market has shifted coming out of the last recession. As unemployment stayed persistently high for a few years after the recovery, many chose to “go it alone” when employers weren’t hiring. As a result, those opting for self-employment and freelance work rose in numbers. Indeed today nearly a quarter of workers work for themselves, either full-time or part-time. They can make good money at it too, with almost half earning six figures.
There are plenty of perks to self-employment: you set your own hours, you choose who you work with, and you can spend all day in your pajamas and still bill hours if your business is set up that way. However, being self-employed also means you are responsible for providing yourself with your own benefits (i.e. healthcare, retirement plans, life insurance, etc.)....