Self-employed people can still save for retirement – and benefit from valuable tax breaks – even if they don’t have a job with a 401(k). Whether you’re starting your own business, freelancing on the side to earn some extra income or you lost your job and are doing some consulting work, you can save for the future in a tax-advantaged retirement savings plan.
Freelancers who don’t have any employees generally have two main options: a simplified employee pension or a solo 401(k). Here’s how they both work and how to pick the best plan for you.
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