Self-Employed Retirement Plans Recommended For Women to Catch Up on Retirement Planning

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A recent research by Aegon and TransAmerica Center for Retirement Studies shows that women are much more likely to have a part-time occupation with no retirement saving benefit. Sense Financial recommends self-employed retirement plans to help women prepare for retirement.

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Sense Financial Logo

Since the Solo 401k plan and the self-directed IRA LLC are both designed for individuals, both retirement solutions are easy to set up and maintain.

In November, 2014, TransAmerica Center for Retirement Studies and Aegon released a research report called The Changing Face of Retirement - Women: Balancing Family, Career & Financial Security.

The report revealed that the cost of retirement for women is often higher than men because women’s life expectancy is typically 4 to 5 years longer. Women, however, also face more obstacles when planning for retirement. One of the main reasons, according to the report, was the fact that women are twice as likely to hold part-time or contract positions as men.

Women are more likely to take on family care duties, such as bearing and raising children. This forces them to take a break from their career, or to opt for more flexible work hours with a part-time or contract position.

Contract or part-time jobs means lower income for women, and do not come with an employer-sponsored retirement plan.

There are, however, alternative solutions for women without a full-time contract and benefits. Sense Financial encourages this group to explore self-employed retirement plans.

Part-time workers or independent contractors are likely to qualify to set up a Solo 401k plan or a Self-directed IRA plan. This way, they can start to dedicate a portion of their income into a retirement fund, while getting rewarded with tax benefits for their savings.

Since the Solo 401k plan and the self-directed IRA LLC are both designed for individuals, both retirement solutions are easy to set up and maintain. These self-employed retirement plans also offer more flexibility than a traditional plan. For example, with both structures, the plan participants can choose to take control of the account and make investment decisions on their own.

The choice of investment assets can also be decided by the plan owners. Instead of being forced to invest in stocks and funds, plan holders of the Solo 401k plan or the IRA LLC can choose to invest in trust deeds, properties, private lending, precious metals and much more.

While women tend to put their family first, retirement planning is a long-term process and cannot be delayed. It is a crucial step to ensure true financial security during retirement. Sense Financial often recommends their clients to get started as soon as possible and build their wealth over the years.

Sense Financial is California's leading provider of retirement accounts with "Checkbook Control": the Solo 401k and the Checkbook IRA. Over the years, they have assisted hundreds of clients to obtain checkbook control over their retirement accounts while providing them with the ability to invest in virtually any investment class, including real estate, private lending, mortgage notes and much more without the need for custodian approval.

To learn more about Solo 401k, please visit

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Vanessa Pham - Retirement Accounts with Checkbook Control
since: 07/2011
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