IRA or 401K for the Self employed
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IRA or 401K for the Self employed
Posted by gsvar2004 on 1/28 at 12:56 pm
i have a single memember LLC and really need to look at saving for retirement. i am almost 27 and had a 401k at one point but withdrew it to start the business i currently run. it was through principle and my previous employer.

can anyone offer advice on the "best" way to start saving for retirement once again.

i am currently only saving through a normal savings account, but its not specifically for retirement.



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Posted by GimmieSomeGlitter on 1/28 at 1:00 pm to gsvar2004
SEP IRA


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Posted by gsvar2004 on 1/28 at 1:17 pm to GimmieSomeGlitter
where would one go to initiate a SEP IRA?

bank, credit union, brokerage?



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Posted by Siderophore on 1/28 at 1:27 pm to gsvar2004
Sharebuilder.com is a decent option.

Recently bought by Capital One if that influences your choice.



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Posted by Vols&Shaft83 on 1/28 at 2:24 pm to GimmieSomeGlitter
quote:

SEP IRA


Usually the best choice, unless you have a bunch of employees that have been with you 3 or more years. Do a Roth too if you qualify.



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Posted by GimmieSomeGlitter on 1/28 at 3:43 pm to gsvar2004
American Funds, Fidelity, Vanguard.

I personally would choose American Funds or Vanguard. They have the lowest expenses for the most part on the funds.



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Posted by Vols&Shaft83 on 1/28 at 3:51 pm to GimmieSomeGlitter
quote:

I personally would choose American Funds or Vanguard


I would too, and did. lol



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Posted by gsvar2004 on 1/28 at 8:35 pm to Vols&Shaft83
No employees. Just me.

My wife has retirement through her employer which is pretty good. We are about to have a baby so I really need to lock down some sort of retirement savings.

I'm going to check out y'all's recommendations. Thanks.



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Posted by Janky on 1/28 at 8:43 pm to gsvar2004
Just open a SEP at a brokerage firm. I would not be held captured to a fund family like American funds.


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