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List: Posted: 12/10/10
Normally, retirement planning starts in the context of a business setting. An employee looks at the employer’s options and chooses some of them. Later on, you might add to that portfolio with some extra investments.
For small business owners and freelance workers, individual retirement planning is a lot more complicated. The government gives a few extra breaks to individuals planning for retirement, but these breaks can be hard to figure out.
One popular option for individual retirement is the Individual Retirement Account, or IRA. You can make large contributions to this account each year even if you work for a regular employer. If you don’t, though, this is a good place to start your retirement planning. You can also get a 401(K) style account like a solo-K or a simple-K. These are more like the traditional 401(K) in style, and they can supplement your retirement investments.
The best thing to do if you’re planning for retirement on your own is to consult with a specialized financial advisor. Working with someone who knows about individual retirement planning would be the best option for you. This person can help you sort through the different options and the tax implications of each. Then, you’ll be better equipped to make your own retirement decisions and investments.
As an individual working on your own, you know what it’s like to make your own choices. That may be why you’re working on your own in the first place! Making choices about retirement investments can be tough. It’s best to just get as much information as possible. The earlier you start planning for your golden years, the better off you’ll be.
The material in this article is for informational purposes only. The views expressed in this article are those of the author and do not necessarily reflect the views or opinions of Local.com. See Additional Information