
14. Use the Right IRA
Self-employed people may have additional worries and expenses to worry about, but they also have better options when it comes to IRAs. You might not be aware of this if you’re switching over from a traditional job and have already contributed to a traditional IRA.
Normally, you can contribute $6,000 in 2020 and $7,000 if you’re 50 or older, but with a Simplified Employee Pension (also known as SEP) you can stash away $57,000 in 2020. Now that’s what we call a truly significant boost towards your retirement nest egg.
Leave a Reply