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Core12 02:36 AM 08-23-2020
Hi friends! I am looking for ideas/solutions to implement now for my retirement. Iím 43 years old and have saved around 40k in an ira. Iím single and have no kids. I have been self employed for four years. If I understand social security correctly (if itís still funded when I retire), I should get money bc I have worked for 10 years of Not being Self Employed?
Also, Does anyone have recommendations about the best way to save/plan for retirement? Maybe I should pickup a part time job and work for five years just so I can get vested and get $300 a month when I retire.
Starting to get a little worried.
Please help God.
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Cat Herder 06:56 AM 08-23-2020
"Social Security really isnít much different whether youíre self-employed or work for someone else. Self-employed individuals earn Social Security work credits the same way employees do and qualify." https://www.investopedia.com/article...w-it-works.asp
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MyAngels 11:28 AM 08-23-2020
If you're interested in seeing how much you might get from Social Security you can register on their website and it has a tool that predicts, based on your past earning, what you'll receive in retirement.

As far as a plan going forward a qualified financial planner can be invaluable. Just make sure you do your due diligence when deciding who to see. A lot of people think they shouldn't go see one because they don't feel like they have enought saved and things like that, but those are the people who get the most from seeing one.
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Tags:retirement, self-employment income tax rate, social security., taxes
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