Solo 401k for the self-employed

[GN One Day...]

I just saw something on local news about a Solo 401k for self employed people. In typical fashion, they glossed over it and moved on. They did say that it is for an individual only, aimed at self employed people. They said it was easy to setup, no application of some sort having to do with discrimination, since you're the only one on it. You could contribute $12,000 (??) pre-tax. Some other info that I didn't catch. Anyone here doing this? How do you like it? Anything in particular that I should know?

 

[we4turbo]

Our accountant set us up with Edward Jones, They need to work together to do this. There are several ways you can go, 401k, SIP, or IRA. I think the max you can do is with the 401k and limits depent on your age and how much you made. I think the max is $15,500.00, but you can also hire your wife and she can put up to about 15k. You can also do catch up contributions. After I set ours up I found out some interesting ways we could have set ours up. Now I am thinking about changing it around some.


David

 

[TURBOTWIN2]

Set your own up with either of these two:
Vanguard.com
Fidelity.com
HTH.