A. asks from Dallas, TX on March 28, 2006
Retirement Plan for Self Employed
I am looking for a good retirement plan. I am 40 years old and have being living in the USA for 7 years. I am self employed. Does anyone have some suggestions? I don`t have any clue where to start. Thanks for your imput.
1 mom found this helpful
D. answers from Dallas on March 28, 2006
S.B. answers from Dallas on March 29, 2006
Hi A. -
You have many choices for saving for retirement - and deciphering them all is daunting. I recommend you use the internet to thoroughly research the different options before you speak to a "professional" - remember, professionals, although extremely helpful, also have their own opinions about good strategies. And we all know opinions aren't fact! So at least if you do research ahead of time you'll be armed with enough knowledge to ask the right questions. For money advice, one of the best websites out there is www.smartmoney.com. I went there and found this - http://www.smartmoney.com/retirement/ira/index.cfm?story=...
which has a great table laying out your options for saving as a self-employed person, as well as explanations of each available choice.
M.G. answers from Dallas on March 28, 2006
Check out wwww.daveramsey.com and you will find your answer there.
Good luck and God Bless.
O. answers from Dallas on March 28, 2006
My name is O. Chang and in my 40's like you. I am a registered representative with New England Financial since 1995. Retirement plan is one of the financial products that we can design for our clients. If you are interested, please give me a call at ###-###-####.
If you are self-employed, the most probable plan would be a Self-Employed Pension Plan (SEP).
A. answers from Dallas on March 28, 2006
Try Oppenheimer Funds Single K Plan available through Wachovia Securities
S. answers from Dallas on March 28, 2006
I am self-employed and my financial advisor set me up with a Single K plan a few years ago and it has done well. You can deduct all your contributions off taxes. You can contribute up to $42K a year. My advice would be to talk to a financial planner if you can. Here is the website for the company that I use. I have the Single K account.