Retirement Plans For The Self Employed and Where To Start When Nearing Retirement?
If you work for yourself – you’re used to taking the bull by the horns and getting things done. You run your own business and wear lots of different hats. When it comes to your retirement savings Broad Financial provides a platform that lets you supercharge your tax-advantaged savings and take full control. Self Employed investors can enjoy very high contribution limits to their Entrepreneur’s 401K – up to $60K a year depending on your situation.
Because only you and your spouse are part of the plan there are MINIMAL paperwork requirements. Best of all Broad’s plan allows you to invest in whatever you know best – like Real Estate Private Stock – you can even help other entrepreneurs get their businesses off the ground and profit in the process! Private Loans Tax liens Precious Metals and almost anything else that makes sense for your nest egg even heads of cattle or exotic hardwoods if that strikes your fancy.
You can even roll over your other IRAs and 401k funds into your plan bank account and make investments by just writing a check! Broad Financial, a sister company of Madison Trust Company – a regulated and chartered trust company- is the premier provider of retirement plans for the Self Employed – with an A+ rating at the BBB and thousands of happy clients in all 50 states let them be your partner on your entrepreneurial journey for the long term.
Where to Start When Nearing Retirement?
Planning for your retirement can be very daunting as there are so many factors and moving parts to consider. One of the first steps should be to estimate how much income you’ll need to fund your retirement. But that’s not as easy as it sounds because your needs depend on your specific goals and many other factors. The most accurate approach to understanding your income need is to first understand and estimate all of your retirement expenses.
Some expenses may go down, such as debts, payroll taxes, and retirement plan contributions, while others may go up to such as entertainment, dining out, and healthcare costs and don’t forget that the cost of living will likely go up over time; this is something people fail to account for far too often. After understanding your expenses, you’ll need to identify your income sources, such as social security, pensions, investment income, and possibly part-time employment. Throughout this discovery process, you’ll face many questions, like, when should I draw my social security benefits? What will health insurance cost? Do I have enough retirement savings to last my lifetime?