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  • What is Nia?
    Nia is here to simplify and offer smart financial planning tools to the “business-of-one” so that creating future financial security feels simple.
  • Is Nia a financial advisor?
    Nia is in the process of registering with the SEC as a Digital Financial Advisor, so that it can offer financial advisory services for everyone.
  • How is Nia different from going to a financial planner?
    At Nia, our ultimate goal is to simplify your personal finances as a “business-of-one” so that you stop feeling “it’s so complex” whenever you think about your financial future.
  • Who should use Nia?
    Nia is geared towards those who are avoiding thinking about their financial future, and investing towards it, because things feel so overwhelming and complex.
  • How is health insurance different for me when I’m self-employed?
    We all know health insurance in the US is expensive and complex. It seems easier when your employer takes care of everything. As a self-employed, you need to compare plans and enroll yourself. We have some recommendations and resources available for you.
  • What retirement plans are available for the self-employed?
    The most popular retirement plans unrelated to the workplace are Traditional IRA and Roth IRA (see more below). Those are used by employees and self-employed regardless. Specifically for the self-employed, the government created the SEP IRA and Individual401k (aka solo401k) - which are plans with GREAT tax savings. At Nia we hope you can establish and contribute to these plans as they can accelerate having a future safety net significantly.
  • Is there a “401k-match” for self-employed?
    When you are a “business-of-one” you wear 2 hats - that of the Employer and of the Employee. The idea of “matching a 401k” was a way for employers to incentivize employees to contribute to their retirement and take advantage of great tax benefits. . Now that you’re both, you will need to incentivize yourself.
  • What are Traditional IRA/Roth IRA/SEP IRA/SOLO401k?
    ROTH IRA- A unique type of account created by the government with a magical feature. The money that grows in a Roth IRA can be withdrawn tax free. Though contributions are done with after-tax dollars, the earnings on the contributions, if taken out after you reach 59½ will not owe any taxes. There are limits on how much you can contribute to a Roth IRA ($6,000/year) and some qualifications based on your income. Yet if you qualify, this is a great account type to use for your long-term investments. TRADITIONAL IRA - similar to a Roth IRA, however the money you put in is tax deductible, and you pay taxes on it when you withdraw. If you withdraw before 59½ you will need to pay a penalty of 10%, and you must start withdrawing by age 72 or you’ll pay a penalty. SEP IRA - A SEP IRA is a great planned for the self-employed and small businesses. You can contribute up to 20% of your self-employment compensation or $61,000 for tax year 2022, the lesser of the two. Contributions are tax-deductible, and earnings are tax-deferred, meaning you pay taxes only when you withdraw after you reach 59½. Individual/Solo 401k - ​Geared for the solo business owner (no employees) this plan offers a high tax deductible contribution limit up to $61,000 for 2022. Taxes will be paid upon withdrawal after 59½. You can also choose this plan in a Roth version, where you contribute post-tax money, and it grows and is withdrawn tax free. Similar to a Roth IRA, withdrawing any investment earnings before age 59½ will cost you penalties and taxes.
  • What is HSA? What is FSA?
    A great tax-advantaged account where you can save for future health care needs. HSA can be established if you have a High Deductible Health Plan. If you’re curious whether a self-employed can access a High Deductible Health Plan, you’d be surprised you can. An FSA is a use-it-or-lose-it account each year.
  • What is disability insurance?
    Short-term and long-term disability - replacing your income when you cant work because of injury or illness unrelated to your job. According to the Social Security Administration, about 25 percent of 20-year-olds will become disabled at some point before reaching age 67.
  • What is life insurance?
    Life insurance is a contract between you and an insurance company (the insurer). During your lifetime you pay premiums to the insurance company, and in exchange, when you die, the company will pay a lump sum to your beneficiaries. There are no restrictions on how your beneficiaries can use the money.
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