SELF-EMPLOYED
In today’s highly competitive market, solopreneurs and independent contractors face a unique set of monetary challenges, from the uncertainty of irregular income streams to the daunting task of planning for a secure retirement. The expertise of a fiduciary advisor can be tremendously beneficial for the self-employed. We provide invaluable guidance in tackling these obstacles, helping you create a comprehensive financial strategy tailored to your specific needs and circumstances.
Plan Ahead. It’s Never Too Soon.
Navigating the complexities of managing your own income, health insurance, and retirement savings as a freelancer or independent contractor requires a level of financial savvy that many are not initially equipped with.
This is where the expertise of a fiduciary advisor can be tremendously beneficial for self-employed workers. Leverage our expertise and guidance to navigate this complex landscape to create a comprehensive financial strategy tailored to your specific needs and circumstances.
There Are Multiple Ways to Save for Your Future
Retirement plans for the self-employed run the gamut – ranging from the good to the very good with some allowing you to save much more than you ever could with a traditional employer plan.
A well-chosen retirement plan can allow entrepreneurs and the self-employed to bankroll a bright retirement.
Here are the most common options available to you:
- Individual 401(k)
- Traditional or Roth IRA
- SIMPLE IRA (Savings Incentive Match for Employees)
- SEP IRA (Simplified Employee Pension Plan)
- Portable Retirement Plans (PRP)
Frequently Asked Questions
When should I start planning for retirement?
Ideally, you’d start saving in your 20s, when you first leave school and begin earning paychecks. That’s because the sooner you begin saving, the more time your money has to grow. Each year’s gains can generate their own gains the next year – a powerful wealth-building phenomenon known as compounding.
What is a fiduciary advisor?
A fiduciary advisor is a financial professional who is legally obligated to act in your best interest, providing unbiased advice and comprehensive financial planning.
How can a fiduciary advisor help me with irregular income and taxes?
Fiduciary advisors can help you identify and maximize tax deductions, ensuring you comply with tax laws while minimizing your tax burden. And to craft a financial budget that accounts for irregular income, to iron out the highs and lows and ensure a stable financial foundation.
How do I build an investment strategy?
Just as you can’t build a house without a blueprint, you should formulate a strategy before you start investing. First, set aside some money to invest in your future. Begin investing now and educate yourself so you can take the calculated risks necessary to get a desirable return on your investment. Here are some questions to consider:
- How much money am I willing to invest?
- What kinds of investment vehicles would work best for me?
- What kind of asset allocation should I choose? How should I balance my investments and protect against risk?
- What’s my risk tolerance? If I incur losses, when I should change direction?
What should I look for in a fiduciary advisor?
Look for a fiduciary advisor with experience in working with self-employed individuals, a solid reputation, and a commitment to providing personalized, unbiased advice.
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We specialize in personalized retirement solutions for small businesses, the self-employed, and individual investors.
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LEGAL DISCLOSURE
Cognis Group is a State registered investment adviser, pursuant to the Investment Advisers Act of 1940, as amended, with principal offices in Scottsdale AZ. Cognis Group and its representatives are in compliance with the current filing requirements placed upon registered investment advisers by those states in which it maintains clients. A copy of our current written disclosure statement (Form ADV-Part 2) discussing business operations, services and fees is available upon request or may be downloaded here.
This website does not constitute an offer to provide investment advisory services in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. The information contained on this site is for informational purposes only and should not be construed as financial, investment, legal, tax, or other advice. By accessing this website, you agree to be bound by the above terms and conditions.
Check the background of investment professionals associated with this site on the Investment Advisor Public Disclosure website.