Granted, retirement plans are usually easier if you’re a full-time employee. But if you’re self-employed, you can still contribute to a retirement plan.
It’s expensive to be a sole proprietor. If you’ve been one for any length of time, you already know that. There’s the self-employment tax. Business insurance. Computers and mobile devices and applications. Office expenses. Health insurance premiums.
Although you can get some of that back by documenting it on your Schedule C, you still have to pay for a lot of things that full-time employees don’t. Plus, you don’t get those nice employer-match contributions to your retirement plan that many workers get these days.
But you can still set up a retirement plan as a self-employed individual. The IRS offers a handful of options, including: [MORE] . . .