Did you even know a week was dedicated toward saving for retirement and that this is "the week"? National Plan for Retirement Week has been the third week of October each year since 2006 and is dedicated towards educating both employees and employers on the importance of saving for retirement. While employers sometimes provide 401k plans for their employees, not everyone does. A recent survey by Pew Charitable Trust showed that only about 53 percent of small employers (5-250 employees) provide retirement plans. This means that in any work setting, there are no guarantees for retirement help.
One option for self-employed contractors is the Self-Employed 401(k). This allows you to contribute as both the employer and employee.
ICs make more than employees so perhaps your retirement bucket is nicely filled. Even so, it always helps to know your options. One great option for self-employed contractors is the Self-Employed 401(k). This works like the employer sponsored 401(K), but with a self-employed plan, you can contribute both as employee and employer, so your contribution can be higher than an employer sponsored plan... how great is that?
At ITA, it is our goal to provide you with the tools and resources you need to be successful. Stay tuned for additional postings, discussions, and news articles about planning for retirement. We will also have content from financial planning experts and tools and links to help you meet your goals.