AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Future Financial Fitness.(LEADERS & SUCCESS)(IBD'S 10 SECRETS TO SUCCESS)
Byline: Adelia Cellini Linecker
7 Retirement planning for the self-employed used to be complicated -- many people ignored it altogether to keep their businesses alive and growing. But self-employed folks can and should plan for their retirement as soon as they can.
One of the better-known ways for the self-employed to save for retirement is to invest in a solo 401(k) plan. If you're self-employed, you can invest up to 100% of your income in a solo 401(k) plan with a total cap of $41,000 in pretax money (or $44,000 if you're 50 or older) this year.
Solo 401(k) plans have been around for about two years. Until recently, most sole proprietors viewed 401(k) plans as expensive when compared to simplified employment pensions (SEPs), says Rick Meigs, president of 401khelpcenter.com, an independent group that helps consumers find the right plan for their needs.
"Now the fees to set up a solo 401(k) plan and maintain a plan are fairly inexpensive while you're allowed to invest substantially more money," Meigs said.
You can invest 25% of your pretax income up to $41,000 in a SEP. You must earn more money to invest the maximum $41,000 in a SEP than you would in a solo 401(k) plan.
Personal Planning
- Meigs' economic impact up in air
- Newspaper article from: Chicago Sun-Times MARY ELLEN PODMOLIK September 16, 1996 700+ words
...lose from Mayor Daley's plan to close Meigs Field. The city argues that Meigs' annual contribution is...of that. Opponents of the plan argue that the potential loss would be much greater because Meigs injects at least $57 million...
- Meigs gets Dem duty // 24-hour service renews debate about airport
- Newspaper article from: Chicago Sun-Times DAVE MCKINNEY August 22, 1996 700+ words
SPRINGFIELD Meigs Field - an airport...t say what its plans are for Meigs, other than to refer...27.2 million plan to shut the airport...Saturday and Aug. 30, Meigs' terminal and control...whether the agency has plans for Meigs during...
- Meigs a political football for Daley, Edgar
- Newspaper article from: Chicago Sun-Times Steve Neal June 28, 1996 700+ words
The battle for Meigs Field is between Gov...rejected by the mayor, who plans to convert it to a lakefront...that Edgar cares about Meigs Field. During a discussion...when he was told about plans to close Meigs Field. Daley found something...
- Meigs Field Tops List of '100 Most Needed Airports'.
- Press release article from: PR Newswire January 3, 2001 700+ words
...America's "100 Most Needed Airports." Chicago's Meigs Field was not only named to the list, but-of more...s downtown airport. "We aren't surprised that Meigs made the list. Meigs Field's value is recognized, not only in the region...
- Friends of Meigs File Suit to Reopen Airport; Release Tape of Dramatic Air...
- Press release article from: PR Newswire April 4, 2003 700+ words
...PRNewswire/ -- Today, the Friends of Meigs Field returned fire in the battle over Meigs Field, Chicago's downtown airport...Pilots Association announced a 12-element plan to fight to reopen Meigs Field, including legal and legislative...
- Governor's Defense of Meigs Field Simply Doesn't Fly
- Newspaper article from: Chicago Sun-Times Raymond R. Coffey June 15, 1995 700+ words
...that he opposes Mayor Daley's plan to close down Meigs when its Park District lease...spokeswoman Lisa Howard. Also, Meigs' runways, at about 4,000...planes it can handle. Daley's plan for turning Meigs into parkland will require approval...
- Meigs Field Open House -- A Different Kind of Air Show.
- Press release article from: PR Newswire September 13, 2000 700+ words
...to Attend! The Fifth Annual Friends of Meigs Field Open House will be held on Saturday, September 16 from 10 AM to 4 PM at Meigs Field on Chicago's lakefront, next to...dozens of historic aircraft on the tarmac of Meigs Field. A variety of low-altitude flyovers...
- Phelan suit spells trouble for Meigs plan
- Newspaper article from: Chicago Sun-Times Steve Neal September 16, 1996 700+ words
...construction and operation of Meigs Field. . . . Under these...implemented Burnham's plan and that Burnham would...sponsored Burnham's plan, is opposing Daley's Meigs Field scheme. Phelan...Burnham made no small plans. "Progress in aviation...