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While saving for retirement is crucial, knowing what that looks like can be difficult. Self-employed individuals must choose between accounts like a SEP IRA or a solo 401(k). Both accounts have...
When you're self-employed, you're in charge of choosing and funding your own retirement plan. In place of an employer-provided retirement plan like a 401(k), you may consider making contributions ...
The right self-employed retirement plan depends so much on your individual circumstances, but for those who are the company’s sole employee (also including a spouse), the solo 401(k) is a great ...
SEP IRAs and solo 401(k)s are tax-deferred retirement savings vehicles for small business owners. They're similar to each other but with one big difference. With a solo 401(k), a self-employed ...
A Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) is a variation of the Individual Retirement Account used in the United States. SEP IRAs are adopted by business owners to provide retirement benefits for themselves and their employees. [1] There are no significant administration costs for a self-employed person with no ...
The account comes in two major varieties: the (pretax) traditional 401(k) or the (after-tax) Roth 401(k). One-person businesses may also open a solo 401(k) and save even more.