Retirement Plan Options for Small Business Owners and the Self-Employed
What to do when you’re the boss and don’t match retirement savings dollar for dollar.
If you’re a small business owner or another type of self-employed person, what does your financial future have in store for you? Do you even have a retirement plan in place? If so, what does it entail? It’s essential to start thinking about these things as early as possible in your career because it allows you to make the best financial decisions concerning spending, saving, and investing.
What Retirement Plan Options Do I Have Available for Myself?
Some of the options you have as a small business owner or self-employed individual include a Traditional IRA, Roth IRA, Solo 401K, SEP IRA, or a SIMPLE IRA. If you’ve opted to put your money into a Traditional IRA, you can also explore the world of Gold IRAs or Precious Metals IRAs. There are distinct benefits that come with investing in gold, silver, platinum, and palladium.
Why Small Business Owners and Self-Employed People Should Invest in Gold
Without having a third-party matching your retirement savings dollar for dollar, you may be behind your peers when it comes to accumulated savings. They have more because their employers invested in their financial future. You may be such as small operation that you can’t match your contributions. Doing so could mean severe financial distress for your business.
When you decide to invest in gold or other precious metals, you’re buying into the idea that gold, silver, platinum, and palladium carry real value as currency and investment options worldwide. When other forms of currency tank and the price of stocks plummets, you take a big hit financially.
Precious metals continue to retain their value despite political and economic troubles. You can count on them being worth something when you retire, which you can’t say the same about real estate, artwork or fine jewelry. When you choose to transfer the money in your Traditional IRA to a Gold IRA, you’re not penalized or forced to pay taxes until you make a withdrawal.
That ultimately means more money for you because your investments increase in value throughout the years. The precious metal coins you have in your collection can be sold for a profit and then you pay the IRS what money you owe on the transactions. This scenario is relevant, of course, if you opt to buy gold, silver, platinum, and palladium with pre-tax dollars.
The Benefits of Thinking About Your Financial Future
Just because you work for yourself doesn’t mean that you don’t need to be future-minded. Investing in precious metals could very well provide you with the financial security you were hoping to have at retirement. If you don’t want to spend the rest of your life working, consider handing off your business to someone you trust and live a good life thanks to the Gold IRA you invested in. Transferring your current Traditional IRA into precious metals doesn’t cost you anything in terms of fees and penalties. You can invest now and pay taxes later.
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