Lesson 16 Retirement Planning for the Self-Employed
Like many people, more than a few self-employed professionals haven’t saved enough for retirement. But, unlike most corporate types, self-employed professionals with no employees can design almost any kind of pension that they want.
The advantages of pension plans are obvious: forced savings, tax deductions, tax deferral of gains, and the ability to pass on tax-deferred assets to future generations. You may think pension plans are only for employees of large corporations. Wrong! A single-participant plan is very easy, economical, and effective to set up.
In the distant past, when it came to retirement plan options, the self-employed or members of a partnership were at a distinct disadvantage ...
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