Tuesday, June 12, 2018
Financial planning advisor Torrey Thompson joined the Atlanta branch of Amerilife and Health Services in 2017 as a general manager. Torrey Thompson educates his clientele on a range of investment and saving options based on their specific circumstances, enabling them to make well-informed decisions about their retirement plans, including those who are self employed.
Since entrepreneurs do not have access to employer-funded pension schemes, they typically must do more of their own planning for retirement. There are many effective retirement planning strategies that can be used by the self-employed.
One option is to open a solo 401k, which is available at most banks. Self-employed tax-fillers can take advantage of IRS maximum contribution limits for both employers and employees and deposit up to $53,000 tax-free each year.
Another strategy is the Savings Incentive Match Plan for Employees of Small Employers, or SIMPLE IRA. Under this plan, entrepreneurs can put aside up to $12,500 per year toward retirement. Small business owners can also use these IRA to give a 3 percent match to their employees’ contribution.
Torrey Thompson serves as general manager of an insurance independent marketing organization in Atlanta. In this role, Torrey Thompson le...
Financial planning advisor Torrey Thompson joined the Atlanta branch of Amerilife and Health Services in 2017 as a general manager. Torre...