The answers provided in this section are solely the opinion of Mr. Hill. Retirement plans for the self-employed By Brian Hill Townonline Finance Expert I n the new economy, more and more people are choosing to work for themselves. If you have decided to be an entrepreneur and control you destiny . . . Many entrepreneurs strive for freedom and independence through their work and lifestyle. One way to protect and enhance your lifestyle in the future is to take maximum advantage of the retirement plans available for self-employed persons.
Most employees have it easy from a retirement standpoint.
They are offered a 401K plan, many times with a matching contribution, and the money is deducted directly from their paycheck to their account. Self-employed entrepreneurs must research the various plans available and determine which plan or combination of plans best fits their needs. The good news is that in many situations the self-employed person can sock away much more than an employee. This discussion relates to self-employed persons without employees. If you have employees they must be included in a qualified plan.