Tag: ira

Building Your Future: Retirement Savings for the Self-Employed
February 9, 2025 Off

Building Your Future: Retirement Savings for the Self-Employed

By The Admiral Staff

Self-employed individuals, freelancers, and gig workers often lack traditional employee benefits and retirement plans, leaving them responsible for their own retirement savings. The article outlines two main types of retirement accounts: defined benefit plans (like pensions) and defined contribution plans (like 401(k)s). For the self-employed, viable options include the Individual Retirement Arrangement (IRA), Roth IRA, Solo 401(k), SEP-IRA, and SIMPLE IRA, each with different contribution limits

Traditional IRA vs. Roth IRA: Which Retirement Plan is Right for You?
September 27, 2024 Off

Traditional IRA vs. Roth IRA: Which Retirement Plan is Right for You?

By The Admiral Staff

This article explains traditional IRAs, a retirement savings option available since 1975. Unlike Roth IRAs, traditional IRAs allow for upfront tax deductions on contributions, lowering your taxable income, but withdrawals in retirement are taxed as ordinary income. Contributions are limited to $7,000 annually (or $1,000 extra for those 50+), and anyone with earned income can contribute regardless of income level. While early withdrawals typically incur a 10% penalty