Most people are introduced to retirement planning when they embark on a career path. Your employer is likely to offer a 401(k) plan that you contribute into to save money for retirement.
In many instances the employer will match the contributions of the employees up to a certain amount. It is wise to take advantage of these employer matches because you are in essence being given money for free.
However, when you are self-employed you have to take steps to create your own retirement plan. This is best achieved with the assistance of a retirement planning attorney.
Your attorney will gain an understanding of your financial situation and what your long-term potential is and listen as you explain your ideal retirement vision. He or she will then make recommendations to you that are tailor-made for your unique situation as a self-employed individual.
It is possible to open and contribute into a self-employed 401(k) plan, and this could be part of your strategy.
Some people like what they do, and many self-employed individuals work from home these days in very comfortable and stress-free environments.
Given the above you may want to continue working even after you start to collect Social Security. You can in fact earn any amount of money once you reach the age of full retirement age without impacting your Social Security eligibility.
If you are self-employed and wondering exactly how you’re going to finance your retirement years take action right now to arrange for a financial planning consultation. We can be reached at 405-843-6100.
Author, President and Founding Attorney
Parman & Easterday
Parman & Easterday are members of the American Academy of Estate Planning Attorneys.