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How and when should a self employed person begin retirement savings?

Started by Jessica W.
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J

Jessica W.

At what point should a self employed person begin saving for retirement and what are the best options for where to start?

Deleted user

As soon as possible is always the best answer, since your time is worth more than your money. Due to compound interest, someone who starts saving and then stops will have more at retirement than someone who starts later and keeps saving until retirement.
Check out this article: https://partner.saverlife.org/investing/when-should-i-start-investing/
And a good place to start might be a SEP, Simplified Employee Pension. Here are ideas from the IRS: https://www.irs.gov/retirement-plans/retirement-plans-for-self-employed-people

A

Alan H.

ASAP! Set aside money in a separate bank account. Once you reach a few thousand you can invest in a Roth IRA on other diverse group of funds.

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