In many of the posts, we have concentrated on the owner or owners of the business. However, I need to point out that many if not
all entries also apply to workers of the self-employed.
In America, 3 out of every
ten workers are either self-employed or work for a self-employed business
owner. It breaks down like this. 20% of the workers or 29.4 million are hired
by self-employed. 10 % or 14.7 million
workers are self-employed.
Past articles have
concentrated on business succession. I
should stress that part of a succession plan must or should consider retirement
planning. There are three basic types of
retirement plans for the self-employed AND workers of the self-employed. These are three basic IRS approved plans for
business owners.
SEP-IRA
SIMPLE IRA
SOLO 401 (k)
No doubt many of you have
heard of these terms or plans. In the
next three blogs, we will describe each plan to help you decide which would be
most appropriate for you and you workers.
Please also keep in mind we offer a free, no obligation analysis, working
with your accountant, to help you decide which plan is best for you.