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Accuplan’s Retirement Plans for Self-Employed Individuals and Business Owners

Approaching saving for retirement as a self-employed person has its strategies and can often appear not feasible for savers. We want to dispel any doubts that you may be feeling and help you feel confident that we host the perfect account for you.

Each of these account types has its distinct tax advantages, just like traditional or Roth IRAs.

Self-Directed 401K

This account type is for individuals who operate their business as owner-only (though a spouse can contribute funds). As the account owner, you can act as the trustee of the funds within the account. Like a self-directed IRA, a self-directed 401K allows you to invest on behalf of the 401K into alternative assets. These can be real estate of any type, businesses through private equity or crowdfunding, or precious metals. Learn more about 401K plans.

SEP IRA

A Simplified Employee Pension plan (or SEP) is an account that allows employers to contribute money to their employees’ IRAs (up to 100 employees are allowed to participate) or operate the IRA as the sole contributor. This plan comes with a high contribution limit, which makes it particularly attractive for self-employed individuals. Contributions can be up to 25% of total compensation, with a maximum of $57,000 annually. Learn more about SEP IRAs and if it’s an account for you and your business.

SIMPLE IRA

A Savings Incentive Match Plan for Employees offers employers a retirement savings option built for small businesses. Employees can only participate in a SIMPLE IRA if they have made $5,000+ of income through their employer during any two previous employed years. A SIMPLE IRA has low setup and management costs, so self-employed business owners often choose them. The rules for operating this account type are essential, so go here to learn more.

For the individual applying to qualify, they must be entirely self-employed, have employees, or work for a company that offers an eligible retirement plan. These account types help self-employed savers plan for their future, utilize tax-advantaged accounts, and maximize retirement savings.