fbpx
U

Here Are The Best Retirement Plans for the Self-Employed!

February 8, 2019

Are you self-employed or have a side hustle? Then this episode is for you! You started this as a full-time position or as a means to add some additional money to your budget. At one point you will realize you are making money, and you want to make sure you have some for the future. Just like there is an order of operations for every dollar in your army of dollar bills. There is an order of operations for your retirement as well.

What are your options for retirement planning as a self-employed person? What are the pros and cons of each option? You want to make the correct decision for your short and long term goals to achieve financial independence. That’s what we talk about in this installment of The Money Guy Show.

We love that you guys are out there, whether you are self-employed or hustling on the side, working so hard to create more income to achieve your goals and dreams. You should let your money work just as hard for you by making sure you are taking advantage of the correct retirement plan. Tune in this week to learn about the different retirement savings strategies that you have as a self-employed person.

Here is what we cover in today’s episode:

  •  What are the three questions you should ask yourself before you decide which retirement plan you should utilize
    • How much are you able to save
    • Do you have any employees
    • Are you eligible or a participant in another retirement plan with your job
  • What type of retirement accounts are available to you and the pros and cons of each option
    • Traditional IRAs
    • Roth IRAs
    • SEP IRAs
    • Solo 401(k)
    • SIMPLE IRAs
    • 401 (k)
  • What are 415 funding limits

Resources Mentioned in this Episode & Related Episodes

Enjoy the Show?

Tune In and Go Beyond Common Sense with the Money Guys

This show would not be what it is today without the support of our wonderful listeners. We strive to continue making the show better, and your feedback is an important part of that process.

If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: [email protected] and [email protected] You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.

If you enjoyed this episode, be sure to join our community! You’ll never miss special announcements and offers, plus you’ll get future podcasts and blog posts delivered straight to your inbox so you can get in on the action right away.

Connect

Subscribe

Most Recent Episodes

Financial Planning 101 (By Age) 2023 Edition

Throughout every decade, there are different areas of your financial life that come in and out of focus. In this episode, we'll discuss what you need to focus on by age, pitfalls to watch out for, and how to know you're doing it right. In this episode, you'll learn:...

Is the 2023 Housing Crash Around the Corner?

Housing prices skyrocketed after the pandemic to all-time highs, and mortgage rates have more than doubled since 2020. Homes are harder to purchase for more Americans, which means it’s more important than ever to make sure you are ready to buy before purchasing. In...

Watch This Before Rebalancing Your Investment Portfolio!

85% of Americans don’t rebalance their 401(k). Are they making a huge mistake? In this episode, we’ll discuss the “why” behind rebalancing, how to do it, and the data on whether or not rebalancing can increase your return. In this episode, you’ll learn: What...

Don’t Make This HUGE 401(k) Mistake!

Americans are making a HUGE mistake in their 401(k) that could cost them thousands by retirement. We’ll talk about why this is happening and how you can avoid making the same mistake in this Q&A episode! For more information on how to make the most out of every...

Alex Hormozi’s Top Money Advice! (Financial Advisors React)

In this episode, we react to Alex Hormozi's financial advice. Enjoy the Show? Sign up for the Financial Order of Operation (FOO) Online Course! Sign up for our Know Your Number Course! Check out our Net Worth Tool! Get FREE downloads full of financial advice from...

Everything You Need to Know About Finances in Your 20s

In this episode, we discuss everything you need to know about finances in your twenties. In this episode, you’ll learn: The top financial advice for your twenties How to start building wealth and the steps you should take Enjoy the Show? Sign up for the Financial...

The Most Valuable Asset in Building Wealth!

This episode will show you how to maximize the most valuable resource you have - starting right at this moment. What is it, you may ask? It’s TIME. If you give your money time to grow, you’ll be amazed at how much your dollars can become - it’s incredible! How wild is...

Financial Hacks and Habits of the Top 1% (By Age)

Who wouldn’t want to have a high enough income and net worth to be considered part of the top 1%? In this episode, we’ll tell you exactly how much you need to be considered part of the top 1% and the habits and hacks those in the top 1% used to get there.   In this...