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Can a self-employed individual establish a retirement plan?

If you've considered self-employment or are currently self-employed, then you more than likely know that there are both pros and cons that come with this employment choice. On one hand, you have the ability to set your own schedule and get all of the satisfaction when your endeavors succeed. But on the other hand, self-employment typically doesn't offer you the same benefits that an organized business can offer.

One concern many self-employed Floridians have is about their future finances; or more specifically, the presence of a good retirement plan. Most people know that a majority of employers offer some type of retirement plan such as a 401K or other savings plan, but did you know that even the self-employed can enjoy this same benefit? If you're interested in learning what they are, you should keep reading.

According to the IRS, self-employed individuals have several of the same retirement plan options that employees who participate in company plans enjoy. They are:

  • 401K plans
  • Simplified Employee Pensions
  • SIMPLE IRA Plans

Although all three can help the self-employed save for their retirement, one may serve you better financially in the long run than the others. Even though the IRS does try to lay out the benefits of each retirement plan on its retirement plans webpage, some of our Melbourne readers may still have some questions about how to establish a retirement account and what is the best way to contribute to this account from year to year.

Because a self-employed person does not have experts at a company or business making decisions about their retirement plan for them, getting help from a lawyer may be necessary. With a lawyer's legal knowledge and experience handling business law cases, you can rest assured that they will have the answers you need to make the right decisions for your employment situation.

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