When you work as an independent contractor as well as have a job with an employer, you have a full plate when it comes to your work life. Your plate might be so full, in fact, that you do not have much time to think about things like your retirement savings and planning. However, when you are in such a work position, it is vitally important that you take a good, hard look at what you want and need from your retirement savings and develop a retirement plan that works for you.
If you have recently decided to become self-employed, there are many things on your plate that you have to deal with. One that you may not have thought of yet is planning for your retirement. Now that you are no longer working for an employer, you do not have a company retirement fund to contribute to, and you are essentially on your own when it comes to retirement investing. You do not want to ignore or put off planning for your retirement investments because time is money, and in this case would be money lost.
If you're looking for a good investment opportunity, you might consider a DST 1031 properties exchange. This is where you sell a property and find an exchange, with the sale of the initial property not having capital gains. If you're thinking about this investment opportunity, remember these tips.
Set Up 1031 Before Closing
Before you officially close on another property, it's important that you already have this 1031 exchange set up.
An inherited IRA is a valuable part of many retirement plans. Such an inheritance can jump-start your own retirement accounts or supercharge them during the later parts of your working life. But with new rules related to inherited IRAs being passed, how should your plans adjust to maintain the best results? Here are a few key things to do.
1. Draw from the Inherited IRA First. The SECURE Act requires that inherited IRAs be completely drained within 10 years of acquiring them.