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Asked 6/7/2007
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What is the best retirement plan for a self employed (not incorporated) person with no employees? And by "best" I mean, which plan will offer me the best tax break now? The web sites are confusing, can I deduct 100% of my contributions to a self employed 401k? |
Answer 1/2 - Submitted 6/7/2007
The best suggestion anyone can give you is go to a professional investment company Like Charles Schwab, Dean Whitter, or one of the others. A stock broker is trained in small business retirement accounts, and they can also sit down with you and analyze your investment options in regards to your long term goals and risk factors. Taking advice from anyone other then a professional could end up costing you big time in the long run. I hope this helps.
Answer 2/2 - Submitted 6/8/2007
Check with a local financial advisor. Most have free consultations or open houses. You should always incorporate your business because it limits your personal liability, provides tax breaks, and enables you to set up different types of retirement plans. 401Ks are offered by employers to employees. Your best bet would most likely be a traditional or Roth IRA. Again, check with your local advisor.
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