[Ellen LaFlecheChristian]

What are the best ways to save for retirement when you’re self-employed and don’t have any sort of employer matching programs available?

[Sum180 Lead Coach]

There are some good vehicles for saving for retirement as a self-employed person in the form of SEP IRAs and other similar vehicles. Which one is right for you depends on your specific circumstances, of course. What we recommend is that you make a call to a high quality, low cost fund company like Vanguard or Fidelity, and explain your situation. They will answer your questions and walk you through the entire process, from creating an account and choosing the best investments for your circumstances.

I’m excited for you because I remember when my parents, self-employed realtors, were finally able to ask this question in their mid-fifties. They both started SEP IRA accounts, and were able to sock away a lot of money based on their income, and the fact that the kids were finally out of the house. By staying focused on this saving — my Mom turned out to be a real taskmaster on this — they were able to save enough income to support their retirement costs at 70 and 72 years old. To this day my Dad marvels at how things turned around for them.

Here’s a related webcast we did on steps to take to protect yourself as a self-employed worker:

Wishing you good luck in your own journey on this!