I thought the term for self-employed IRAs is SEP IRA. So I googled it and picked the link below because it explained it and talked about contribution limits. I've never heard of this company though - which doesn't mean anything, just didn't want you to think I knew something favorable about it.
I don't know how many options are available for your situation, but there could be others. Ask the person who does your taxes; they usually know good people in different fields. At your age, with 30+ years to retirement, it would be great to find some vehicle where you pay the taxes on the money before you put it into the plan rather than when you take it out...like a Roth IRA instead of a traditional IRA.How to save for retirement?
in my opinion you should put the money in long term investments with yourself in a company from nanotechnology, green energy, robotic fields.
good luck !
If your employer does not have a retirement plan, you can set up an IRA. An IRA is an investment vehicle. It is not a specific type of investment.
Since you have about 30 years before retirement, you can build a diversified portfolio. It appears from your question that you are new at finance. I suggest you start by reading a book called Investing for Dummies 5th edition by Eric Tyson. Please don't be offended by the name. For Dummies is a publishing company. They contract with authors who are both experts in their field, and also have the ability to put concepts into easy to understand prose. No one book or group of books will make you an expert in finance. However, this book will help you to ask intelligent questions and understand the answers.
After reading a few primers on investing, I suggest consulting with a certified financial planner. Be sure that he charges by the hour, and has no products to sell. A broker is paid on commission based on how much he sells you. His first loyalty is to himself and his commission. His second loyalty is to his brokerage firm. You are a distant third priority. (Think Goldman Sachs).
When you look at potential investments, you have to look at safety versus return on investment. There is a high correlation between safety and return on investment (ROI). The higher the risk, the higher the return. Some investments are tax exempt, very long term investments, and pay a low return. For example, municipal bonds. Some are taxable and have a higher risk along with a higher return, for example corporate bonds. Some are equities, for example stocks. Some are diversified within a particular category. For example, mutual funds which invest in a variety of bonds, transportation stocks, pharmaceuticals, blue chip companies, or companies just entering the public arena.
The world of investing is multifaceted with unexpected dangers along with inconspicuous sources of trouble or danger; a hidden hazard. The best way to invest wisely is to educate yourself about investing.
Try something like an annuity, it is an agreement between an insurance company
and the person that want to get it.
Basically you give money to the insurance company and this adds up to your overall
fund. Then when you are retired they send you a check you can live off every month.
There are many types of annuities, i would tell you to try an immediate annuity
since you are pretty old and it also depends on when you decide to retire.
Thanks
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