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How Freelancers Retire Wealthy
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Did you know 401K plans are not limited to employees working for large companies? If you’re a freelancer serious about planning for your retirement, optimizing your tax strategy, and have extra cash available, opening a solo 401k might be your next move.
In this episode, Alex shares what freelancers need to know about solo 401Ks and why you should talk with a financial advisor about getting one started.
In this episode, you’ll also hear:
- Benefits of a solo 401K for freelancers
- 2 key components to understand about solo 401Ks
- Advice for calculating employer contribution
Must-listen moments:
[00:00:59] They are called a solo 401K because you don't have any other employees who would join the plan with you, making it much easier to open and fulfill all the necessary rules and regulations.
[00:03:05] We set aside money in our retirement plans to maintain our lifestyle in perpetuity and not use our fun casino money-type investments inside of this account.
[00:07:26] You need to go and look at your cash flow, figure out how much after maxing out your personal IRA or Roth account you could put into a solo 401k, and talk to your financial or tax advisor about getting one started.
For more financial fixes for freelancers, visit www.freelancefinancefix.com
Follow Alex at https://www.linkedin.com/in/alexmlynch/
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