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  1. #1
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    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
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    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)?


    Keep doing what you're doing to build Strong Towns.

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  3. #3
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    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.



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    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
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    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.



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