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Old 10-12-2016, 07:07 PM   #1
pawa_k2001
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Retirement savings for people without the option of 401k?

What are the best steps and options for people that don't have an option for a matched 401k. (self employed)

Roth IRA is maxed.
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Old 10-13-2016, 06:17 AM   #2
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What are the best steps and options for people that don't have an option for a matched 401k. (self employed)

Roth IRA is maxed.
If you have no employees, you should be eligible to open a Solo 401k plan. If you do have employees, then you can utilize a SEP IRA plan instead or start your own company 401k plan.
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Last edited by Wraisil; 10-13-2016 at 06:18 AM.
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Old 11-20-2016, 09:25 PM   #3
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If you have no employees, you should be eligible to open a Solo 401k plan. If you do have employees, then you can utilize a SEP IRA plan instead or start your own company 401k plan.
The business is a LLC Partnership that is taxed as an S Corp. There are no employees but the partner is not interested in opening any accounts for the business(can I just open a Solo 401k just for myself). What is the best option for a situation like this? Or should I just open a taxable account and invest into VTSAX(some international later)?
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Old 11-29-2016, 05:39 PM   #4
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The business is a LLC Partnership that is taxed as an S Corp. There are no employees but the partner is not interested in opening any accounts for the business(can I just open a Solo 401k just for myself). What is the best option for a situation like this? Or should I just open a taxable account and invest into VTSAX(some international later)?
I don't have much experience with them as I've never needed them, but I'd expect the business has to be included on the account so you're probably screwed, but I'd look into it if I were you. Fidelity or any of the other similar firms would be happy to answer your questions for free with more knowledge on the subject than I have. The same applies for SEP IRA's, I know the very basics but have no experience with them to discuss specifics about them, sorry.
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Old 11-29-2016, 06:16 PM   #5
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If you are opening a solo 401k they typically report to the IRS under your SSN. there isn't any business registration or reporting under the account itself.

Look into a SEP IRA as well... you can contribute up to $53k (something like that) every year or up to 25% of your income, independent of any traditional or roth contributions.
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Old 11-22-2017, 09:29 PM   #6
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For me, one of the best alternatives are to plan ahead or save ahead of time, cut on unnecessary expenses or rather get a second job. Online or a freelance jobs are in demand nowadays.
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