Demystifying Savings Options: Best Accounts for Solopreneur Retirement

By: A Staff Writer

Updated on: Oct 26, 2024

Choosing the right accounts is key. Prioritize these, even if contributions start small:

• Traditional/Roth IRA: Individual retirement accounts, tax advantages vary, get an advisor’s help.
• SEP IRA Power: If you’ve got biz profits, these allow bigger contribution amounts.
• Solo 401(k) with a Twist: Allows both employee AND employer contributions, ups your savings game.
• The ‘Bucket’ Strategy: Some in safe investments, some riskier for potential growth.
• Automate, Automate, Automate: Make it a “bill” you pay yourself so you don’t forget.
• The High-Yield Savings Cushion: Emergency fund separate from retirement, keeps you afloat.

Think of these accounts as tools in your financial toolbox; use the right ones for the job.

Proactive retirement saving now gives you the freedom to shape the future you want.