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Smart Money Podcast: Holiday Shopping Trends and Self-Employed Retirement Options

You’ve probably heard that holiday shopping this year is going to be a little unusual. The findings from NerdWallet’s 2021 Holiday Shopping Report back that up. Many Americans are concerned about supply chain issues. And some are trying out newer methods to pay for gifts, such as buy now, pay later loans. To avoid the headache of shopping online this year, you might be better off shopping locally or keeping an eye on Black Friday deals.

If you’re a self-employed worker considering your retirement plan options, take some time to research what’s available. You might be surprised by the number of options you have and the varying advantages of each. Common retirement account choices for self-employed workers include the SEP IRA, the SIMPLE IRA and the solo 401(k).

The option that's best for your situation may depend on how many employees you have. The SEP IRA, for example, allows you to contribute up to 25% of your income or $58,000 in 2021, whichever is less. That’s a good deal more than the $6,000 contribution limit on a traditional IRA ($7,000 if you’re age 50 or older). If you have employees at your company, the SEP IRA requires that you give them contributions as well.

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