The following is an excerpt from TDAMERITRADE | March 20, 2016 | MarketWatch.com |
Self-employed? Running a business can run you ragged. But what if you translate your enterprising can-do into thoughtful plans for your financial future? Easy to do? Not always. But the peace of mind of knowing that you have a plan in place it can be worth it. There’s even the possibility of receiving a potential tax break. In other words, consider it an investment in yourself, as well as your business.
Data shows that envisioning and planning for retirement are often knocked down the list of priorities by the self-employed. Some self-employed individuals are increasingly strained by out-of-pocket health care costs for themselves—especially if they help their small staffs by shouldering some of the insurance costs. That’s according to the findings of a 2015 survey by TD Ameritrade Holding Corporation.
The good news is that the retirement-planning industry is becoming increasingly savvy about helping the self-employed make retirement a reality. And the industry is anchored by retirement plans designed for the self-employed, many of which are modeled similarly to plans used in the traditional workplace.
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