Self-Employment and the Retirement Dilemma

Many of us dream of the financial freedom and potential wealth creation that comes from being self-employed. But few of us think about the different challenges that come with planning for retirement as our own boss. There are no 401Ks, pensions, or company matches for the self-employed individual, so saving for retirement means the business owner requires more and better planning.

A number of retirement vehicles (IRAs, SEP IRAs, Safe Harbor 401Ks) are specifically designed for these types of individuals. The rules for these vehicles are different from an employer-sponsored plan and are based on many of the same premises. Each type of retirement account brings its own unique benefits and challenges, and they all need to be evaluated against each other to determine the best fit. It is incumbent on your financial advisor and tax accountant to thoroughly evaluate the specific needs a small business owner will have to consider for the planning process. Having these two professionals working together to create the necessary synergies required for retirement planning is essential for the business owner. Things like time horizon, current income and resources, future income needs, the level of assets available for retirement purposes, health, and many others factor into the process of determining the appropriate account structure.

While this process can be overwhelming and daunting to think about, Seraphim Wealth Advisors has the resources and tools to help small business owners make these critical decisions. Please reach out to us for a free consultation to determine the best structure for your business and to discuss the opportunities and limitations that come with these complicated decisions.

For more information and if you have questions, contact Eric Wimbush at or 404.381.2272.

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