Live It, Love It, Earn It by Marianna Olszewski

Author:Marianna Olszewski
Language: eng
Format: epub
Publisher: Penguin USA, Inc.

Keogh

A Keogh account is a retirement savings vehicle specifically for self-employed people (an IRA is for anyone) or those, like me, who own their own business. When I started my own business, I opened a Keogh account on the advice of my trusted accountant. “Self-employed people have a lot of options,” says CPA Tom Sherwood, but if you are an independent person, “Keogh is the plan to have because the amount of money you can put into it tax-deferred is incomparable.” In 2009, a Keogh allowed up to $45,000 per year in tax-deferred retirement contributions, $40,000 more than an IRA. At age 59½ the funds can be withdrawn, and are taxable. However, at retirement most of us will be in a lower tax bracket than when we were working full-time, meaning the taxes paid on the funds will be lower than they would have been had the funds been withdrawn while working.

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