Guest Article How Women Entrepreneurs Can Turn the Retirement Tide in Their FavorBy Dmitriy Fomichenko, President and Founder of Sense Financial "The way to build your savings is by spending less each month." - Suze Orman, American Author & TV Personality What an excellent piece of advice from one of the most popular women entrepreneurs of the country. It's interesting to know that 45 percent of the millionaires in America are women, amassing nearly $11.2 trillion dollars. In addition to it, as many as 9.1 million businesses in the US are owned by women entrepreneurs, another feat to add to their exponential growth. However, when it comes to retirement savings, women fall behind their male counterparts. Out of the 63 million working women in the country, only 45 percent participate in a retirement plan, with their retirement savings matching only half of their male peers. While the financial outlook may not appear as brilliant for women as it should, there are some options that can help them cover-up this retirement-savings gap. Self-Directed Solo 401k Retirement Account: A plan to Supercharge Your Retirement Portfolio Solo 401k is a qualified retirement plan that targets owner-only businesses and self-employed professionals. For women entrepreneurs, it allows higher retirement savings, alternative investment options, and financial flexibility. Eligibility criteria: Presence of self-employment activity & absence of full-time employees. Four Reasons Why Self-Directed Solo 401k is Popular Among Solopreneurs
Self-Directed IRA: Alternative to Solo 401k Plan In case you do not qualify for a Solo 401k plan, a self-directed IRA (SD IRA) is another promising retirement option to consider. The primary attraction of an SD IRA plan is its ability to invest in alternative assets. When planning for retirement, the key is to start savings as soon as possible. All you need is a financial strategy that aligns with your retirement goals. Dmitriy Fomichenko is President and Founder of Sense Financial, a leading provider of retirement accounts with "Checkbook Control": The Solo 401k and the Checkbook IRA. To learn more about the Solo 401k plan, please visit sensefinancial.com or email us at info@sensefinancial.com. ### 401khelpcenter.com is not affiliated with the author of this article nor responsible for its content. The opinions expressed here are those of the author and do not necessarily reflect the positions of 401khelpcenter.com. This article is for informational and educational purposes only and doesn't constitute legal, tax or investment advise. | ||||
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