from proper Self-Directed 401k setup to helping them evaluate one or more investment choices to fit their specific needs and avoid common pitfalls. As long as the IRS, DoL and ERISA rules and regulations are adhered to, the imagination becomes the only limitation to an investment portfolio. If...
The 401k plan for the self employed, freelancers, entrepreneurs, independent contractors and small business owners. Learn about Individual 401k loans, contribution limits, rules, Roth and use the calculator.
Individuals in self-employment or small business ownership face unique retirement planning hurdles and opportunities when it comes to retirement planning. A useful solution for this group is the Solo 401k, a tax-advantage plan tailored for single owner businesses and their spouses that offers flexible...
Startup costs and ease of setup often dictate the choice between retirement savings plans. But there are other factors to consider as well. To help decide which plan is best, answer the following questions: Why are you setting up a retirement plan? For many small-business owners, the answer...
While an EIN is typically required, some exceptions might apply. Certain banks or plan providers may allow solo 401(k) setup using an SSN. However, this is uncommon and may complicate future tax filings. It’s best to consult with a financial advisor or CPA familiar with retirement plans. ...
Traditional safe harbor 401(k) plan: In this type of setup, employers make mandatory contributions that are either elective or non-matching. These vest immediately, meaning the funds are immediately yours and you won’t need to stay at the company for a certain set of time to gain ownership...