When you’re your own boss, saving for retirement can easily fall to the bottom of the to-do list — especially when there aren’t pre-existing plans in place to opt into like you would have at a big company.
But even if you’re self-employed, you still have plenty of ways to plan for retirement, says Kashif Ahmed, a certified financial planner and president of American Private Wealth in Bedford, Massachusetts.
“You don’t have to say, ‘oh my God my life sucks because I don’t work at IBM or Microsoft, and my friend does,’” Ahmed says. “You can get the exact same tax benefits,” from setting up your own retirement accounts.
Here are two options to consider.
For those who are self-employed, or small business owners with a few employees, Ahmed says a simplified employee pension individual retirement account can be a great place to start because the account is relatively easy to set up with a financial institution and has low administrative requirements.
