More and more Americans are working for themselves, and this can be a very rewarding choice. You get to make your own decisions, and the sky is the limit with regard to your potential.
In fact, many people are working as sole proprietors out of their homes, and this affords many advantages. Obviously you do not have to worry about a daily commute and this saves you money, saves you stress, and reduces your impact on the environment.
Another advantage that goes along with working from home for yourself is the fact that you may be able to do this even after you reach the typical age of retirement. Many people like what they do and wouldn’t know what to do with their time if they didn’t have a home business to run.
You could cut down on your workload if that was your choice, and still supplement your Social Security income while you keep yourself busy and engaged.
If you work for yourself, you do have to take certain steps on your own to prepare for retirement whether you decide to continue working or not. Having a nest egg is important, and you won’t have a group 401(k) plan to participate in like people who are working for a company.
An option that is available to you would be to contribute into a self-employed 401(k) plan. In 2013, you can contribute up to $17,500 in a tax-deferred manner.
The best way to be prepared for retirement as a self-employed individual is to work up a comprehensive plan with the assistance of a good retirement planning attorney. If you are ready to get started, give us a call at 408-356-9200 or 831-476-2400.
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