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Super helpful. I didn’t know about individual 401k’s. Thank you!
by calchris42 5y ago
Super helpful. I didn’t know about individual 401k’s.
Thank you!
- tomcam 5y agoYou in particular should also benefit greatly from a SEP IRA. Expensive to run but lets you sock away much much more.
- meetingthrower 5y agoActually Solo 401k lets you put away just as much if not more, and has a Roth option. But both are worth considering for sure.
- japhyr 5y agoWhat's expensive about running a SEP IRA? Are you referring to the fact you have to contribute to an employee's IRA as well as your own?
- tomcam 5y agoI had to jump through hoops and pay a specialized firm to administer. Maybe it no longer applies?
- 1123581321 5y agoI can’t say what happened, but SEP was always the simpler, cheaper option, nearly DIY compared to a proper 401k.
- meetingthrower 5y agoBoth are basically plug and play now with places like fidelity or vanguard. Zero admin fee for mine.
- RhysU 5y agoSeconded on no cost with at least Fidelity. They start having reporting requirements at $250K of assets. They are also something of a pain to close if you have multiple participants.