Over the last three years my income has increased and therefore I have been aggressive in paying down debt. I now see a bit of light at the end of the tunnel and I want to focus on my retirement. My question: I am self-employed and make too much money to contribute to an IRA .... What is the best vehicle to invest in for retirement ... SEP? -Thomas
It depends. Before you decide on a SEP, Individual(k), SIMPLE 401(k), profit-sharing plan and the like, there are many things to consider.
Talk with a qualified tax advisor or retirement plan administrator about your gross income, your net income, the consistency of your income, your ability to contribute, the amount you can contribute, whether or not you have employees, future busines plans, your tax bracket, your goals, your time horizon, tax reporting costs, plan administration and the expense of having a retirement plan.
He or she can tell you what plan is best for you when armed with this information.
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