Did the company you worked for go out of business?
Are you no longer able to perform the duties required for your job?
Time for a change to your dream job?
No matter what the reason, you are now self-employed. You are responsible for your daily work and your retirement savings!
Pay yourself first! You will now be enticed into classes, supplies, marketing and more to make your business successful. The first line item on your budget should be your retirement savings. You still need to plan for the day you no longer work and have that income.
What is a SEP? A simplified employee pension (SEP) IRA is a retirement savings plan established by employers—including self-employed people—for the benefit of their employees and themselves. Employers may make tax-deductible contributions on behalf of eligible employees to their SEP IRAs. You may contribute up to 20% of your self-employment income up to $57,000 for 2020 and up to $58,000 for 2021. Because this is calculated on your total annual income, you may create the SEP by your tax filing date. You may make multiple contributions or a single contribution while filing your taxes.
Every woman should get to live the retirement they want!
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