A self-employed individual may not establish an IRA.
This statement is incorrect. A self-employed individual can indeed establish an Individual Retirement Account (IRA). In fact, self-employed individuals have the option to set up different types of IRAs, including: 1. Traditional IRA: Contributions may be tax-deductible, and earnings can potentially grow tax-deferred until you withdraw them in retirement. 2. Roth IRA: Contributions are made with after-tax dollars, and qualified withdrawals in retirement are tax-free. Additionally, self-employed individuals have access to retirement plans that are specifically designed for their situation, such as: 1. SEP IRA (Simplified Employee Pension): Allows for potentially higher contribution limits than a traditional or Roth IRA. 2. SIMPLE IRA (Savings Incentive Match Plan for Employees): Designed for small businesses and self-employed individuals, it allows both employer and employee contributions. 3. Solo 401(k): A single-participant 401(k) plan for business owners with no employees, allowing for high contribution limits and both employee deferrals and employer contributions. Self-employed individuals can take advantage of these retirement savings options to help secure their financial future. It's important to understand the rules and contribution limits for each type of plan, as they can differ significantly. Consulting with a financial advisor or tax professional can help determine the best retirement savings strategy for a self-employed individual.
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