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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 solo 401(k) gives you all the advantages of a company 401(k) plan and then gives you even more benefits. You can select traditional or Roth 401(k) options, meaning you’ll get the ability to ...
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.
However, you can only have a solo 401(k) if you have no employees other than a spouse. Plus, it requires you to contribute through payroll deductions, so there’s a higher administrative burden ...