Retirement Planning

Self-employment offers income flexibility but removes access to employer-sponsored retirement plans. As a result, individuals must independently structure retirement savings using IRS-approved accounts.

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For self-employed professionals, freelancers, andBusinessowners,Retirement Planningoften extends beyond traditional brokerage accounts. Two popularOptions, the Solo 401(k) and the self-directed IRA, offer greaterInvestmentflexibility than many conventional retirement plans. However, their contribution limits, administrative requirements, and tax features differ significantly.

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Contributing to an Individual Retirement Account (IRA) is one of the most effective ways to build retirement savings. However, exceeding IRS contribution limits can create unexpected tax consequences. While an IRA overcontribution is usually correctable, failing to address the issue promptly may result in …

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Key Highlights