• Investing,  Planning,  Retirement,  Savings

    Building Long-Term Financial Freedom for Solopreneurs

    As a solopreneur you want to build long-term financial freedom, but there are so many options it's hard to know where to start. Solopreneurs have a lot of choices when it comes to their long-term financial freedom savings (formerly known as "retirement"). Small business owners can use IRAs, SIMPLE IRAs, SEP IRAs, and Solo-401(k)s (among other options) for their own savings.In this post I wrote for AthleteBiz I go over three of the most common account types and when you should consider choosing them. I also share some critical questions to ask before you set up a 401(k) plan with a custodian. The cheapest 401(k) plan provider is not always…

  • Investing,  Planning,  Retirement,  Savings

    How Much Do I Need To Save For Retirement?

    One of the biggest questions I get, from virtually every client and most of my survey respondents, is: How much money do I need to retire? There are so many things to think about and so many potential options it can be overwhelming to even know where to start. (Trust me, it’s complicated, and I’m a Financial Planner!) This is part of why so many people don’t even start saving for retirement. Let’s spend some time de-mystifying how much to save for retirement. Today we’ll go over some of the most common stumbling blocks to figuring out your target savings rate. We will also discuss how to evaluate online calculators…

  • Employee Benefits,  Investing,  Retirement,  Savings

    The Roth 401(k): 8 Things You Need To Know

    The Roth 401(k) is a retirement plan option that is becoming increasingly popular. It’s similar to the Roth IRA in that it allows you to save after-tax money in a retirement account. Also like the Roth IRA, the money grows tax-free and can be withdrawn tax-free in retirement. This can be an awesome opportunity to allow your retirement money to grow tax-free and then be withdrawn tax-free after age 59 ½. 1. Why Should I save money in a Roth (k)? There are four big draws for a Roth 401(k) Withdrawals from a Roth 401(k) are tax-free. (Awesome!) You don’t pay any taxes on capital gains or interest on money…