I’m Done Working For Myself

Mike works for himself, but doesn't want to work forever. Read how he can secure his own retirement.

QUESTION: Mike asks how a self-employed person can retire. With a couple of simple wealth-building tools, says Dave.

ANSWER: The best thing is the Roth IRA. You can put up to $5,000 in it, along with $5,000 for your wife or husband. It grows tax-free. In addition to that, you can do a SEPP IRA. You can put 13.4% of your net profit into that, and it grows tax-deferred. Start with the Roth IRA, though. That’s the direction to go.