Una guía para que el trabajador por contrato planifique su jubilación

Si trabaja en la economía por contrato, la jubilación está en sus manos. Conozca cómo comenzar y contribuir a su fondo para la jubilación.

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El material provisto en este sitio web tiene únicamente fines informativos y no pretende ser un asesoramiento financiero ni de inversión. Bank of America y/o sus afiliados y Khan Academy, no asumen ninguna responsabilidad por cualquier pérdida o daño resultante de la confianza de alguien en la información del material provisto. Tenga en cuenta también que dicho material no se actualiza con regularidad y, por lo tanto, alguna información podría no estar al día. Consulte con su propio profesional financiero cuando tome decisiones con respecto a sus opciones financieras o de inversiones.

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Accounts for established freelancers; Saving more with SEP IRAs and Solo 401(k)s.

[Disclaimer: Please see important information at the end of this video.]

If you find that you’re easily maxing out your Traditional or Roth IRA, starting a SEP or Solo 401(k) might be the next step to saving even more.

SEP IRAs and SOLO 401(k)s are two retirement account options that are available to sole proprietors, independent contractors, and small businesses.

[Visual list of Sole proprietors, Independent contractors, and Small Businesses]

These are specific terms the IRS uses, but essentially, if you’re generating a lot of income with your freelance work, or are providing a service for a client, but aren’t an employee, you might qualify.

With both types of accounts, you can generally put away nearly ten times more than you can with a traditional IRA.

[Visual bar chart showing the potential of contributing nearly 10 times more in a SEP IRA or Solo 401(k) than a Traditional IRA or Roth IRA.]

A SEP IRA works a lot like a traditional IRA. You may be able to deduct your contribution as a business expense on your tax return.

[Visual of the chart showing SEP IRA with “Contributions tax-deductible” highlighted and a disclaimer: Neither Bank of America Corporation nor any of its affiliates or financial advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.]

And your earnings are tax deferred. Meaning, you generally won’t have to pay federal income taxes on it until you withdraw it later in retirement.

[Visual of the chart showing SEP IRA with “Earnings tax-deferred; taxed upon withdrawal” highlighted]

A Solo 401(k) is a bit more complex, requiring more maintenance and paperwork than a SEP. So, you’ll probably want to work with a professional to set it up.

A Solo 401(k) can give you a bit more flexibility than a SEP IRA, because you can choose to make traditional or Roth contributions.

[Visual of the chart showing Solo 401(k) with “Contributions; Traditional before-tax / Roth after-tax” highlighted]

And in certain circumstances you can borrow money from your Solo 401(k) for large expenses, like a down payment on a home or a medical emergency.

Though doing so is complicated and best thought of as a back-up plan, as there can be negative consequences.

[Visual of a warning symbol with a disclaimer: There can be adverse tax and other consequences associated with taking a loan from a solo 401(k).]

Like other retirement accounts, your money has the potential to grow with tax advantages.

[Visual of the chart showing Solo 401(k) with “Tax advantages” highlighted]

And you generally want to avoid withdrawing money from these accounts early, before you’re fifty nine and a half. Doing so could mean having to pay taxes plus an additional ten percent penalty tax on what you take out.

It’s also important to note that if you plan to hire employees, the rules around SEP IRAs and Solo 401(k)s will require you to make changes to your plan.

Talk with a professional to discuss what options might work for you and your growing business.

To learn more about how to save smart with or without a steady income, check out the retirement page on Better Money Habits.

End card:

Better Money Habits

Powered by Bank of America

BetterMoneyHabits.com

The material provided on this video is for informational use only and is not for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damages resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management.

Neither Bank of America Corporation or its affiliates, are tax or legal advisors. We suggest you consult your personal tax or legal advisor before making tax or legal-related investment decisions.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment products:

Are not FDIC insured
Are not bank guaranteed
May lose value

Investment products are available through Merrill Lynch, Pierce, Fenner & Smith, Incorporated, a registered broker-dealer and Member SIPC. ©2018 Bank of America Corporation.

Making the Future a Priority: How to save for retirement as a freelancer

[Disclaimer: Please see important information at the end of this video.]

Making an income as a freelancer in the “gig” economy takes determination and creativity. Managing that income takes those skills and more.

You might be freelancing to earn a little extra on top of your full time job, working multiple part time jobs, or taking on side gigs as you get your own passion project or business off the ground.

At first, it might be tough just to make ends meet each month. So saving for retirement might seem like even more of a challenge.

You might be tempted to put off saving until you’re bringing in a steadier income.

Or, you might be planning to rely on social security, but that might not be enough to support you in the future.

So setting up a retirement account and contributing as much as possible, even if you’re just starting out, is important.

That’s because the earlier you start, the longer your money has to potentially grow before you retire.

Think about it as paying yourself first. It’s one more way that you’re taking care of you and your dreams for the future.

So how do you save when you’re on a tight budget and your freelance income fluctuates?

After all, there might be months when work is slow and months when business is booming.

One solution is to think about your monthly retirement contribution as a percentage of your income.

[Visual of a Budget, with the category “Retirement” being added to other categories such as Rent, Utilities, Insurance, etc.]

When you earn more, you’ll put away more, and when you earn less, you can put away less.

That way your retirement contribution won’t overwhelm your budget.

Start by saving five percent of your income. When you start earning more, set a goal to save more, moving up to ten or even twenty percent of your income.

Start now. If you make saving for retirement a priority, you’ll set yourself up for a better future.

End card:

Better Money Habits

Powered by Bank of America

BetterMoneyHabits.com

The material provided on this video is for informational use only and is not for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damages resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management.

Neither Bank of America Corporation or its affiliates, are tax or legal advisors. We suggest you consult your personal tax or legal advisor before making tax or legal-related investment decisions.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment products:

Are not FDIC insured
Are not bank guaranteed
May lose value

Investment products are available through Merrill Lynch, Pierce, Fenner & Smith, Incorporated, a registered broker-dealer and Member SIPC. ©2018 Bank of America Corporation.

Retirement account basics, understanding traditional and Roth IRAs.

[Disclaimer: Please see important information at the end of this video.]

If you’re just beginning to save for retirement, signing up for an IRA is a good place to start.

“IRA” stands for “Individual Retirement Account.” It’s often a first choice for freelancers and gig workers who don’t have an employer-sponsored retirement plan. You can set one up through a bank or an investment firm.

The main benefit of an IRA is that it gives you tax incentives to save for the future: There are tax advantages that can save you money and encourage you to put money in… and tax penalties to discourage you from taking money out too soon.

The two most common types of IRAs are traditional and Roth IRAs.

[Visual of a chart showing “Traditional IRA” and “Roth IRA”]

The specific tax advantages are slightly different:

A traditional IRA allows you to make contributions that may be tax deductible--and any earnings you receive are tax-deferred. That means you generally won’t have to pay federal income taxes until you withdraw money from the account later, in retirement.

[Visual of the chart showing Traditional IRA with “Contributions tax-deductible” and “Earnings tax-deferred, Taxed upon withdrawal” highlighted.]

With a Roth IRA, you pay income tax before you contribute to your account, but you typically won’t have to pay federal income tax again when you make withdrawals in retirement.

[Visual of the chart showing Roth IRA with “Contributions after tax” and “Earnings federal tax-free” highlighted.]

So a traditional IRA can give you the benefit of paying less in income taxes now,

[Visual of the chart showing Traditional IRA with “Pay less taxes now” highlighted.]

while a Roth IRA gives you the potential benefit of not having to pay as much in taxes later during retirement.

[Visual of the chart showing Roth IRA with “Pay less taxes later” highlighted.]

You can start withdrawing from an IRA without penalties at the age of 59 and a half. You generally want to avoid taking money out before then if at all possible. That’s because you may have to pay taxes plus an additional 10% penalty tax on early withdrawals - though there are a few exceptions to these rules.

[Visual of the chart showing both Traditional and Roth IRA with “Withdrawal at 59 and a half*”” highlighted with a disclaimer: “*Penalty-free withdrawals begin. However, there are some exceptions in which you can make early withdrawals without an additional tax penalty.”]

And both accounts have annual maximums to the amount you can contribute.

[Visual of the chart showing both Traditional and Roth IRA with “$5,500 across all IRA accounts**; 2018 Maximum contribution” highlighted with a disclaimer: **Contribution limit as of 2018. $6,500 contribution limit if you’re age 50 and above. Earnings restrictions may apply.]

You can view this max as a goal: try to save enough money to reach it every year.

And when you find that you’re easily reaching that goal, then it might be time to think about adding another retirement account with a higher contribution maximum.

End card:

Better Money Habits

Powered by Bank of America

BetterMoneyHabits.com

The material provided on this video is for informational use only and is not for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damages resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management.

Neither Bank of America Corporation or its affiliates, are tax or legal advisors. We suggest you consult your personal tax or legal advisor before making tax or legal-related investment decisions.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment products:

Are not FDIC insured
Are not bank guaranteed
May lose value

Investment products are available through Merrill Lynch, Pierce, Fenner & Smith, Incorporated, a registered broker-dealer and Member SIPC. ©2018 Bank of America Corporation.

Accounts for established freelancers; Saving more with SEP IRAs and Solo 401(k)s.

[Disclaimer: Please see important information at the end of this video.]

If you find that you’re easily maxing out your Traditional or Roth IRA, starting a SEP or Solo 401(k) might be the next step to saving even more.

SEP IRAs and SOLO 401(k)s are two retirement account options that are available to sole proprietors, independent contractors, and small businesses.

[Visual list of Sole proprietors, Independent contractors, and Small Businesses]

These are specific terms the IRS uses, but essentially, if you’re generating a lot of income with your freelance work, or are providing a service for a client, but aren’t an employee, you might qualify.

With both types of accounts, you can generally put away nearly ten times more than you can with a traditional IRA.

[Visual bar chart showing the potential of contributing nearly 10 times more in a SEP IRA or Solo 401(k) than a Traditional IRA or Roth IRA.]

A SEP IRA works a lot like a traditional IRA. You may be able to deduct your contribution as a business expense on your tax return.

[Visual of the chart showing SEP IRA with “Contributions tax-deductible” highlighted and a disclaimer: Neither Bank of America Corporation nor any of its affiliates or financial advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.]

And your earnings are tax deferred. Meaning, you generally won’t have to pay federal income taxes on it until you withdraw it later in retirement.

[Visual of the chart showing SEP IRA with “Earnings tax-deferred; taxed upon withdrawal” highlighted]

A Solo 401(k) is a bit more complex, requiring more maintenance and paperwork than a SEP. So, you’ll probably want to work with a professional to set it up.

A Solo 401(k) can give you a bit more flexibility than a SEP IRA, because you can choose to make traditional or Roth contributions.

[Visual of the chart showing Solo 401(k) with “Contributions; Traditional before-tax / Roth after-tax” highlighted]

And in certain circumstances you can borrow money from your Solo 401(k) for large expenses, like a down payment on a home or a medical emergency.

Though doing so is complicated and best thought of as a back-up plan, as there can be negative consequences.

[Visual of a warning symbol with a disclaimer: There can be adverse tax and other consequences associated with taking a loan from a solo 401(k).]

Like other retirement accounts, your money has the potential to grow with tax advantages.

[Visual of the chart showing Solo 401(k) with “Tax advantages” highlighted]

And you generally want to avoid withdrawing money from these accounts early, before you’re fifty nine and a half. Doing so could mean having to pay taxes plus an additional ten percent penalty tax on what you take out.

It’s also important to note that if you plan to hire employees, the rules around SEP IRAs and Solo 401(k)s will require you to make changes to your plan.

Talk with a professional to discuss what options might work for you and your growing business.

To learn more about how to save smart with or without a steady income, check out the retirement page on Better Money Habits.

End card:

Better Money Habits

Powered by Bank of America

BetterMoneyHabits.com

The material provided on this video is for informational use only and is not for financial or investment advice. Bank of America Corporation and/or its affiliates assume no liability for any loss or damages resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment management.

Neither Bank of America Corporation or its affiliates, are tax or legal advisors. We suggest you consult your personal tax or legal advisor before making tax or legal-related investment decisions.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment products:

Are not FDIC insured
Are not bank guaranteed
May lose value

Investment products are available through Merrill Lynch, Pierce, Fenner & Smith, Incorporated, a registered broker-dealer and Member SIPC. ©2018 Bank of America Corporation.

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