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Recommendations for a Solo 401k provider?
Posted on 12/28/13 at 3:23 pm
Posted on 12/28/13 at 3:23 pm
For those that are self-employed and have a solo 401k, who do you use and how has your experience been? TIA
3
Posted on 12/28/13 at 3:48 pm to rintintin
In my opinion it is worth having a CPA draw up a plan document for you and have a TPA and do a self directed plan.
Posted on 12/28/13 at 8:44 pm to rintintin
Or, it you are near a Scottrade or CharlesSchwab office, you could drop in and see what they might offer.
All of my 401k's have been put into self-directed IRA's at Scott.
All of my 401k's have been put into self-directed IRA's at Scott.
Posted on 12/28/13 at 9:13 pm to Janky
quote:
In my opinion it is worth having a CPA draw up a plan document for you and have a TPA and do a self directed plan.
I looked into that, but after weighing all of my options and speaking with a few companies, with my current income I don't think it would be worth the initial fees and such. I definitely plan on rolling it over in a self directed plan in the future when my income increases though.
Posted on 12/28/13 at 9:21 pm to rintintin
I use fidelity.
Go to their we site.
Print out form.
Not much paperwork.
Until it is worth 250,000, then there is some paperwork.
Good luck
Go to their we site.
Print out form.
Not much paperwork.
Until it is worth 250,000, then there is some paperwork.
Good luck
Posted on 12/28/13 at 10:33 pm to rintintin
quote:
I looked into that, but after weighing all of my options and speaking with a few companies, with my current income I don't think it would be worth the initial fees and such. I definitely plan on rolling it over in a self directed plan in the future when my income increases though.
In that case why not just do a SEP IRA?
Posted on 12/29/13 at 12:47 am to Janky
I won't be able to contribute as much with an SEP.
Posted on 12/29/13 at 8:16 am to rintintin
Sep is 52k for 2014. 401k is 17.5k
Posted on 12/29/13 at 9:34 am to roguetiger15
Solo 401k has 2 kinds of contributions
1. 17500 standard
2. Up to total of 51000 "profit sharing"
1. 17500 standard
2. Up to total of 51000 "profit sharing"
Posted on 12/29/13 at 10:52 am to makersmark1
True, but according to the statement below it doesn't sound like he is close to that.
Which is why said a SEP until he makes enough to be able to fully take advantage of a solo 401k. SEPs are much easier to administer.
quote:
I looked into that, but after weighing all of my options and speaking with a few companies, with my current income I don't think it would be worth the initial fees and such. I definitely plan on rolling it over in a self directed plan in the future when my income increases though.
Which is why said a SEP until he makes enough to be able to fully take advantage of a solo 401k. SEPs are much easier to administer.
Posted on 12/29/13 at 12:50 pm to roguetiger15
From what I understand, correct me if I'm wrong, with a SEP you are allowed to contribute 25% of income up to $51,000.
Whereas a solo 401k you can contribute up to $17,500 flat, no matter you're income.
Whereas a solo 401k you can contribute up to $17,500 flat, no matter you're income.
Posted on 12/29/13 at 6:30 pm to rintintin
So your income would have to be north of $250k to be able to max out a SEP. What is your expected income in the next couple of years?
Posted on 12/29/13 at 6:50 pm to Janky
Correct, I don't plan on being able to max out an SEP anytime soon, but I do want to put more than 25% of my current income into the account.
Does that make sense?
Does that make sense?
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