There are more retirement options for the self employed than you might think!
As a self-employed individual, there are many different retirement plan options available to you. My special guest, Darren Wurz, of Wurz Financial Services, clarifies the differences and explains the pros and cons of each, so you can decide what is best for you.
Plus, I give you innovative tips to motivate yourself to save more for retirement on a consistent basis.
Darren discusses traditional and Roth IRA’s, Simplified Employee Pension (SEP IRA), Savings Incentive Match Plan for Employees (SIMPLE IRA), and Individual 401(k) — sometimes called a solo 401(k) or a self-employed 401(k).
He also discusses a Cash Balance Plan, which may be appropriate for high-earning business owners, such as doctors or lawyers with their own practice.
I close out this episode with two ways to motivate yourself to save more for retirement: Imagining your elderly self, and my “Emotionally Charged Savings” technique in which you clearly picture both the best-case and worst-case scenario for your retirement.