IRA or 401K for the Self employed | TigerDroppings.com

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gsvar2004
LSU Fan
Deep in the woods
Member since Nov 2007
1045 posts

IRA or 401K for the Self employed



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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GimmieSomeGlitter
Ole Miss Fan
GreenBOW ALABAMA!
Member since Aug 2011
491 posts

re: IRA or 401K for the Self employed


SEP IRA





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gsvar2004
LSU Fan
Deep in the woods
Member since Nov 2007
1045 posts

re: IRA or 401K for the Self employed


where would one go to initiate a SEP IRA?

bank, credit union, brokerage?






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Siderophore
LSU Fan
Member since Nov 2010
3335 posts

re: IRA or 401K for the Self employed


Sharebuilder.com is a decent option.

Recently bought by Capital One if that influences your choice.






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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
17892 posts

re: IRA or 401K for the Self employed


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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GimmieSomeGlitter
Ole Miss Fan
GreenBOW ALABAMA!
Member since Aug 2011
491 posts

re: IRA or 401K for the Self employed


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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Vols&Shaft83
Tennessee Fan
Member since Dec 2012
17892 posts

re: IRA or 401K for the Self employed


quote:

I personally would choose American Funds or Vanguard


I would too, and did. lol






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gsvar2004
LSU Fan
Deep in the woods
Member since Nov 2007
1045 posts

re: IRA or 401K for the Self employed


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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Janky
LSU Fan
Team Primo
Member since Jun 2011
9097 posts

re: IRA or 401K for the Self employed


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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