Virtually everyone needs to take advantage of financial accounts that provide tax breaks for retirement. It can be especially important to make effective use of these types of accounts if you do not have access to a 401(k) or a pension at work. For people who are self-employed and who end up being responsible for taking full control over their retirement security, finding ways to maximize your savings is vital.
An IRA, or Individual Retirement Arrangement, provides tax breaks for investing. There are different options for IRAs for the self-employed, including a traditional IRA, Roth IRA, Simple IRA and SEP-IRA. Each option can have different pros and cons depending upon your income, your likely future tax bracket, whether you have employees, and a variety of other factors. Nirenstein, Horowitz & Associates can help you to select the best type of IRA for you.