IRA options for the self-employed

 

The self-employed can use an IRA to put away for retirement and boost their savings at tax time, according to this Motley Fool article. Employers can make contributions to a SEP-IRA for all their employees, while small employers who hire fewer than 100 workers may opt for a Simple IRA. Self-employed individuals also have the option to contribute to a traditional IRA and Roth IRA, although these accounts have lower contribution limits.

 

IRA investors who want to convert some of their assets into Roth may want to do it now, as the current administration seeks to cut tax rates this year, according to this article from Bloomberg. The Roth conversion triggers a tax liability, and lower tax rates will reduce the tax bill, according to an expert. “Tax rates may never get lower in your lifetime than in 2017. Now would be the time to strike.”

 

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