Are you Looking for retirement solutions?

Whether you are self-employed, a business owner, or someone looking for retirement solutions, Let us help you with your retirement planning and insurance needs!

What is Retirement Planning and why do you need to plan for it now?

Retirement planning for self-employed individuals means creating a strategy to save and invest for retirement without the benefits of an employer-sponsored retirement plans such as 401(k) plans. It involves choosing the most suitable retirement planning solutions, and making contributions to it regularly, monitoring the investments, and adjusting the plan as necessary to meet retirement goals. It is important to have a retirement plan for self-employed individuals because they must rely on their own savings to fund their retirement.

Without a retirement plan, self-employed individuals risk not having enough money to support themselves in retirement, which can lead to financial hardship and a lower quality of life. So overall, having a retirement planning consultant is crucial for self-employed individuals to ensure financial stability and security in retirement. It is important to choose the right retirement plan that fits individual circumstances and retirement goals, and to make contributions to the plan regularly to reach those goals.

Image depicting positive financial momentum and growth.

Retirement plan options for self-employed

There are several retirement plan options for self-employed individuals, including:

  • Contributions an employer can make to an employee's SEP-IRA cannot exceed the lesser of: 25% of the employee's compensation, or. $69,000 for 2024 ($66,000 for 2023, $61,000 for 2022, $58,000 for 2021 and $57,000 for 2020)Feb 29, 2024

    solo 401k:The total solo 401(k) contribution limit is up to $69,000 in 2024.

  • A Roth IRA can be a good retirement account option for self-employed individuals because it provides tax-free growth and withdrawals. A Roth IRA allows self-employed individuals to save up to $6,000 (or $7,000 if age 50 or over) annually, and can contribute to it as long as they have earned income. They can contribute to Roth IRA when income is higher and reduce contributions when income is lower, as there are no income limits for contributing to a Roth IRA.

  • A Solo 401(k) is a retirement plan designed for self-employed individuals with no employees, or those with a spouse as the only employee. It allows for higher contribution limits than a SEP IRA, with a maximum contribution of $61,000 in 2022 ($66,000 in 2023) plus an additional $6,500 in catch-up contributions for those aged 50 and older. Contributions are tax-deductible and the account grows tax-deferred.

  • Having life insurance for self-employed individuals is important because it can help protect their family financially in the event of their unexpected death. If a self-employed individual were to pass away, life insurance can provide a death benefit that can help cover lost income, business and personal expenses and provide financial support to their family. It can also be used to pay off any outstanding debts, like a mortgage or personal loans.

  • Disability insurance is important for self-employed individuals because it provides financial protection in case of an injury or disability. It can provide a portion of lost income to cover daily expenses. It can help pay for bills, mortgage or rent, medical expenses, and other necessary costs. Disability insurance ensures that self-employed individuals have a safety net and can continue to support themselves and their families during times of inability to work.

Finance graph indicating a prosperous upward trajectory.

Our partners