Retirement Planning In A “Gig Economy”

How does the future of work impact the gig economy and retirement planning? Read more here: paid Vanguard_Group

A SEP-IRA is easy to set up, and you can even establish an account after the end of the calendar year — you only need to open and fund the account before the tax-filing deadline. features both employee salary deferral contributions of up to $13,000 for 2019 and an employer matching contribution of up to 3 percent of compensation.

A SIMPLE IRA is also easy to establish and administer, but the deadlines are stricter. Generally, you must open a SIMPLE IRA by Oct. 1 to contribute for the current tax year.While 401 plans may have a reputation for high costs and complexity, an individual 401 could be appropriate for business owners with no employees . They offer potentially higher contribution amounts and the flexibility to choose either pretax or Roth employee salary deferrals of up to $19,000 for 2019.

Salary deferral contribution limits apply across all plans, but employer contribution limits are plan-specific. For example, if you’ve already contributed the maximum to an employer-sponsored 401 plan through salary deferral, you can’t make any additional salary deferral contributions to a SIMPLE IRA or individual 401. But you can make an employer contribution to a SEP-IRA.If you’re already forging a unique career path, you can also take control of your future retirement savings.

*Generally, you’re self-employed if any of the following apply to you: You carry on a trade or business as a sole proprietor or an independent contractor; you’re a member of a partnership that carries on a trade or business; or you’re otherwise in business for yourself . See the

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