Selecting The Best Retirement Plan For Your Future

As a self-employed farrier, enrolling in an employer-sponsored retirement plan isn’t an option. You’re on your own and you want to get serious about saving for retirement by opening a dedicated account, but where do you start? How do you maximize your investment? Is there something better than a standard savings account that offers minimal interest payments? And if you get a late start on retirement savings, can you make up ground somehow?

Not to worry. IRS regulations offer several retirement plan options for the self-employed. And establishing such an account isn’t difficult.

In each of the plans, your contributions are placed into investments such as stocks, bonds, mutual funds or money market accounts in the hope that returns will outpace the interest rates paid on simple savings and checking accounts. You choose the level of risk to your investments (losses are possible) vs. the potential growth of your account.

Farrier Takeaways

  • An IRA is the easiest way to start saving for retirement.
  • One-participant 401(k) plans offer flexibility when business fluctuates.
  • Some plans allow catch-up contributions.

The highlights of the plans are noted below, and Brian Kaminski, a financial advisor since 1987 and owner and president of Select Advisor Group Inc., based in suburban Mil­waukee, Wis., offers insights that could help a new farrier choose the plan that’s right for them.

Traditional or Roth IRA. An In­­dividual Retirement Account (IRA) permits you to invest money each year and the contributions are not counted toward your annual taxed income. The contributions…

To view the content, please register or login.
Registration is free. Use your registered user account to download eGuides, watch webinars and manage your user profile.
Ron_perszewski

Ron Perszewski

Ron Perszewski is a freelance writer and former associate editor of Ameri­can Farriers Journal.

Top Articles

Current Issue

Cover_AFJ_0519_pub.jpg

American Farriers Journal

American Farriers Journal is the “hands-on” magazine for professional farriers, equine veterinarians and horse care product and service buyers.
View More

Must Read Free Eguides

Download these helpful knowledge building tools

View More
Top Directory Listings