I’m self employed so I don’t have they luxury of having a 401k. I do have a Roth that I contribute the maximum amount to each year, but my question is are there other ways that I can put money away for the future that will give me a decent return? Shane G.There’s no need to beat around the bush on this topic. Yes, Shane, there are 401(k) equivalents for the self-employed. There are of course traditional and Roth IRA plans that you can participate in, but there are other retirement plans available to the self-employed that look a lot more like a 401(k) plan. There are three that are worthy of a deep discussion.
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Ask GFC 007: Are There 401(k) Equivalents for the Self-Employed?
Welcome to another Ask GFC! If you have a question that you want answered you can ask it here. If your questions get featured on GFC TV or the GFC Podcast, you are the lucky recipient of a copy of my best selling book, Soldier of Finance, and a $50 Amazon gift card. So what are you waiting for? Ask your question now! The 401(k) plan is one of the greatest innovations ever developed for working Americans to save and invest money for retirement. But 401(k) plans are primarily for salaried employees – where does that leave self-employed? This is another great topic inspired by a question from a GFC TV viewer named Shane: