The reality is if you start later in your working career you will need to save more money than if you had started younger.
Most small businesses, especially ones run from home, have not given enough thought to planning for disasters.
If you are smart enough to start your own business, you should be smart enough to start a retirement plan as well!
Normally if you purchase capital equipment for your business you don’t get to expense the total cost of the equipment the year you buy it.
There are many tax deductions for the self-employed. What have you been missing out on?
Small Businesses are defined as having less than 500 employees.
It is your money in that IRA, but you may have to pay a penalty to get at it.
A Roth IRA is my favorite way to save for retirement. You use after-tax dollars to make your contributions and when you withdraw the funds you will not owe income tax, including the money the Roth has earned.
A Spousal IRA is used for an unemployed or underemployed spouse.
A Rollover IRA allows you to receive distributions from qualified retirement plans and not pay tax on the distribution.