Results 1 to 5 of 5
  1. #1
    All-Star
    Points: 23,219, Level: 46
    Level completed: 67%, Points required for next Level: 331
    Overall activity: 3.0%
    Achievements:
    Veteran10000 Experience Points

    Join Date
    May 2006
    Posts
    1,197
    Points
    23,219
    Level
    46
    Thumbs Up
    Received: 9
    Given: 0

    Self-employed Retirement Plans??

    I'm self-employed and looking to roll my 401(k) from my previous employer into a retirement plan. I've done some research on self-employed 401(k) plans, SEP IRAs and Roth IRAs. It looks like the SEP IRA limits contributions to 25% of net earnings, which is fine. I just want something that's easy to manage, has some advantages come tax time, and is best for a one man show like me. Any suggestions?



  2. #2
    Addict
    Points: 88,856, Level: 92
    Level completed: 74%, Points required for next Level: 494
    Overall activity: 1.0%
    Achievements:
    Veteran50000 Experience Points
    capitalcityguy's Avatar
    Join Date
    Jun 2007
    Location
    Des Moines
    Posts
    5,280
    Points
    88,856
    Level
    92
    Thumbs Up
    Received: 122
    Given: 77

    Re: Self-employed Retirement Plans??

    So is your main goal to roll your 401k plan funds somewhere or is your main goal to set up a new plan...or both? Have you looked at a Keogh plan (not sure if this makes sense, but for some reason that was I think of when I think of self-employed)?


    CCG

  3. #3
    Rookie
    Points: 23,464, Level: 46
    Level completed: 92%, Points required for next Level: 86
    Overall activity: 1.0%
    Achievements:
    SocialVeteran10000 Experience Points
    cjclone's Avatar
    Join Date
    Nov 2006
    Posts
    417
    Points
    23,464
    Level
    46
    Thumbs Up
    Received: 2
    Given: 0

    Re: Self-employed Retirement Plans??

    It depends upon if you are going to have employees, what your income is and how much you want to sock away or can sock away.



  4. #4
    All-Star
    Join Date
    Sep 2011
    Location
    North Iowa
    Posts
    1,115
    Thumbs Up
    Received: 0
    Given: 0

    Re: Self-employed Retirement Plans??

    Best to chat with your accountant for up to date changes, but if your tax bracket in 25% or lower, go with the Roth first and then set up another Ira that your accountant can advise fits best.

    Next step is to find a fin advisor that you can trust and help you find an appropriate investment. Your risk tolerance and goals will affect what and where to invest. They can roll your current 401k over to a conventional Ira for you too.



  5. #5
    Pro
    Points: 74,442, Level: 84
    Level completed: 76%, Points required for next Level: 408
    Overall activity: 8.0%
    Achievements:
    Veteran50000 Experience Points

    Join Date
    Mar 2006
    Posts
    2,468
    Points
    74,442
    Level
    84
    Thumbs Up
    Received: 17
    Given: 6

    Re: Self-employed Retirement Plans??

    Quote Originally Posted by cytheguy View Post
    I'm self-employed and looking to roll my 401(k) from my previous employer into a retirement plan. I've done some research on self-employed 401(k) plans, SEP IRAs and Roth IRAs. It looks like the SEP IRA limits contributions to 25% of net earnings, which is fine. I just want something that's easy to manage, has some advantages come tax time, and is best for a one man show like me. Any suggestions?
    I use a self directed SEP IRA, and I have no complaints.



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
  • Football
  • Iowa State vs. North Dakota State
  • August 30, 2014
  • 11:00 AM