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Tag Archives: SEP IRA

Ways to Save for Retirement When You Don’t Have an Employer Plan

choices for retirement plans

Last week we talked about having a retirement savings wake up call, which is a very important first step in preparing for the future. It’s pretty easy to save for retirement when you have access to an employer sponsored plan, but what about those who are self employed or work for a company that doesn’t offer retirement? Luckily, there are several smart and simple choices for setting up a retirement plan on your own. Can’t I Just Save Money Without a Plan? Of course, if you’re willing to save lots and lots of money. The beauty of having a tax deferred or tax advantaged retirement plan is the ability to save on taxes, now or in the future, plus growing money through the wonderful benefit of compound interest. Without those two things, you’ll need to save much more money to have enough for retirement after paying Uncle Sam up front and from later earnings. To see how much you’ll need to save, try out the free retirement calculator from Personal Capital. Traditional IRA Anyone can open a traditional IRA. If you or your spouse aren’t covered by a retirement plan at work, your entire contribution is tax deductible. If an ...

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Wise Ways To Invest Money

different ways to invest money

When I started this blog, the goal was paying off credit card and consumer debt. Now my focus has shifted. One of the many great things about paying off debt is that once it’s gone, you have extra money every month!  Smart people don’t increase their  lifestyle or go on  shopping sprees. They invest that money for the future. Unless you are buying from a guy named Bernie who guarantees double digit returns with no risk, there really is no right or wrong way to invest. Just about anything you choose is better than nothing, but that doesn’t mean you shouldn’t try to choose the best investments for your future. This list is in no way all inclusive, but these are some wise ways to invest money. Investing For Retirement With a 401(k) If you have an employer plan, usually a 401(k) or 403(b), that’s usually the easiest and best way to invest for retirement. It’s easy because all you have to do is fill out the paperwork and best because money invested is tax deferred. That means you don’t have to pay income taxes now and your money can grow for years. When you do take disbursements from your ...

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