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 Post subject: Retirement plans for self-employed?
PostPosted: Wed Jul 11, 2012 9:04 am 

Joined: Thu Feb 19, 2009 7:04 pm
Posts: 19
My DH may become an independent contractor once he leaves his corporate job. So he'll be getting 1099s from various companies if he decides to go this way. I'm curious what kind of retirement plan is available for people who are independent contractors. Is that considered self-employment even though the person gets paid by a company?


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 Post subject: Re: Retirement plans for self-employed?
PostPosted: Wed Jul 11, 2012 9:13 am 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5402
PawPrint53 wrote:
My DH may become an independent contractor once he leaves his corporate job. So he'll be getting 1099s from various companies if he decides to go this way. I'm curious what kind of retirement plan is available for people who are independent contractors. Is that considered self-employment even though the person gets paid by a company?


It's self employment. He'll need to pay self employment taxes.

He can probably set up a SEP IRA or possibly other types of retirement plans.


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 Post subject: Re: Retirement plans for self-employed?
PostPosted: Wed Jul 11, 2012 10:20 am 

Joined: Mon Nov 01, 2010 5:15 pm
Posts: 1214
SEP IRA's would be my first choice also. There is such a thing as a self directed 401K but I don't know much about them.


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 Post subject: Re: Retirement plans for self-employed?
PostPosted: Thu Aug 09, 2012 11:06 pm 

Joined: Wed Apr 04, 2007 8:58 pm
Posts: 4
This was a few years ago, but J.D. mentioned on the blog that he had a 401(k) for himself, as his only employee. I commented asking about the SEP IRA and he sent me an email explaining his decision and how he ended up with the 401(k).

He discussed it with his accountant and then set one up at Fidelity. He mentioned that the branch he used had employees who were very helpful with setting that up. He seemed to think that 401(k) made the most sense for one self-employed individual with no employees.


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