If you're trying to reduce your self employment taxes, reduce your federal income taxes, have a Roth IRA and contribute more then you should consider making this retirement plan change right away. In this video I'm talking about the IRA for self employed mistake that no one is talking about. I don't know why it's getting skipped so much lately but this IRA is basically obsolete. There is a better choice for most situation. The secure act of 2019 changed a lot more than most small business owners and self employed realized. If you can think of another reason this IRA is better than the 401k please let me know in the comments below. Hatch is a business checking platform. Check it out at Hatchcard.com ----------------------------------------------------- Join this channel to get access to perks: ----------------------------------------------------- Join this channel to get access to perks: ----------------------------------------------------- ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you. TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP® CERTIFIED FINANCIAL PLANNER™ Company Website: twitter: @travissickle Instagram: Facebook: LinkedIn: Sickle Hunter Financial Advisors 1646 W Snow Avenue Suite 144 Tampa, FL 33606 Check out Google Business Profile ------------------------------------------------------- Gear Used in Videos Income Protection: You have a 1 in 4 chance of becoming unable to work due to disability. Your Breeze Disability Insurance policy will replace part of your lost income if and when you need it. Apply here Partnership referral links Aura Identity Theft Protection *Up to 50% off* HTTPS://www.aura.com/travis Seeking Alpha 50% Discount All Amazon links are affiliate links ____________________________________________________________________________ Information in this video is for educational and entertainment purposes only. sicklehunter.com/disclosures ____________________________________________________________________________ #travissickle...(read more)
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For entrepreneurs and business owners, finding the right retirement plan can be a daunting task. With so many options to choose from, it can be hard to decide which plan is the best fit. One retirement plan that may be particularly appealing to the self-employed is the Simplified Employee Pension Individual retirement account (SEP IRA). The SEP IRA is a tax-deferred retirement savings plan that allows self-employed individuals and small business owners to set aside a sizable amount of money each year for retirement. Contributions to a SEP IRA are tax-deductible, which means they reduce the individual’s taxable income for the year. One of the main advantages of the SEP IRA is its flexibility. Self-employed individuals can choose to contribute anywhere from 0% to 25% of their net earnings, up to a maximum of $57,000 (as of 2020) annually. This flexibility allows individuals to adjust their contributions depending on their income and business needs. Another benefit of the SEP IRA is its simplicity. It is easy to set up and maintain, and there are no annual filing or administrative requirements. Contributions are made directly to the employee’s individual retirement account and can be invested in a wide range of investment options, based on the individual’s risk tolerance and investment goals. The SEP IRA is also a great retirement savings option for small business owners, as it allows them to provide retirement benefits to their employees as well. Any employee who is at least 21 years old and has worked for the employer for three of the past five years can participate in the SEP IRA plan. However, the employer is not required to make contributions on behalf of their employees. It is important to note that, unlike other retirement plans such as the 401(k), the SEP IRA does not offer any catch-up contribution options for those aged 50 and over. Additionally, individuals who may wish to withdraw funds before age 59 ½ may be subject to a penalty. In conclusion, the SEP IRA can be an attractive option for the self-employed and small business owners looking for a flexible, simple retirement plan. With its high contribution limit and tax-deductibility, it may enable individuals to easily save for their retirement while also attracting and retaining employees. However, it is important to weigh the benefits and disadvantages of each plan and seek advice from a financial professional to determine which retirement plan is best suited for one’s individual needs and circumstances. https://inflationprotection.org/is-the-sep-ira-the-best-retirement-plan-for-the-self-employed/?feed_id=75825&_unique_id=6403e663e86b3 #Inflation #Retirement #GoldIRA #Wealth #Investing #travissickle #SEPIRA #travissickle
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