AN INSIGHT INTO THE INDIVIDUAL RETIREMENT ACCOUNTS IN THE US

What is the meaning of an Individual Retirement Account (IRA)? The IRA, short for ‘individual retirement account,’ is a tax-advantaged investing tool that individuals use to reserve retirement savings funds. There are different types of IRAs. Traditional IRAs Roth IRAs SEP IRAs SIMPLE IRAs Individual taxpayers can establish either Roth or traditional IRAs, while self-employed individuals and small-business owners set up SIMPLE and SEP IRAs. An IRA must be opened only with an institution that has received Internal Revenue Service (IRS) approval to offer these accounts. The options include brokerage…

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4 Reasons Freelancers and the Self Employed Should Consider Individual 401k Plans

“Save your money. You’re going to need twice as much money in your old age as you think.” — Michael Caine If you’re self-employed and trying to boost your retirement savings, Solo 401(k) plans are a potential option. Solo 401(k) plans are qualified retirement plans for self-employed professionals and business owners with no employees other than a spouse. These plans have gained popularity because of investor-friendly features and higher contribution limits than traditional retirement accounts. The biggest limitation on a Solo 401(k) plan is its eligibility criteria. You must have some…

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