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Starting 401k independent of employer (not offered)
Posted on 2/1/14 at 4:31 pm
Posted on 2/1/14 at 4:31 pm
I want to get my fiancee started with a 401k as her employer doesn't offer one, much less provide any match of any contributions.
Who offers the best 401k options online? Is it necessary that we meet with someone in person?
Beyond that, what is the best breakdown of stocks, equities, etc. for her 401k as someone just starting to contribute to retirement?
Who offers the best 401k options online? Is it necessary that we meet with someone in person?
Beyond that, what is the best breakdown of stocks, equities, etc. for her 401k as someone just starting to contribute to retirement?
1
Posted on 2/1/14 at 4:53 pm to Jwodie
Isn't that an IRA?
Posted on 2/1/14 at 6:13 pm to HubbaBubba
Ira
Go Vanguard (seems to be the fav)
Go Vanguard (seems to be the fav)
Posted on 2/1/14 at 11:39 pm to HailToTheChiz
quote:
Ira Go Vanguard
lower contribution limits than a 401k though
Posted on 2/2/14 at 9:20 am to meldawg399
Yes, but unless you are self employed it might be your only option.
Posted on 2/2/14 at 6:16 pm to Volvagia
quote:
you are self employed
I think self-employed can use SEMPRAs. I think employees with no 401k options are limited to IRAs as their only tax advantaged option.
Posted on 2/2/14 at 10:20 pm to meldawg399
That's what I was saying: if you aren't self employed a regular IRA is pretty much you only option for a tax shielded account.
Posted on 2/3/14 at 9:47 am to Volvagia
I'm switching to IC status soon, so I want to be clear... An IRA is the only tax-shielded account? So I can only put away $5500 pret-tax? As opposed to being an employee when I could theoretically put away $33000 (with employer match)? That sucks.
Posted on 2/3/14 at 9:54 am to AndyJ
I don't know what IC status is, but if you aren't self employed and your job offers no benefits, then yes.
Two things to consider though:
1) you could put it in a Roth IRA, which while it has the same limit, 5500 in post tax dollars are worth more than pretax dollars.
2) there is no requirement to have your retirement exclusively in a retirement account. You can skirt the edges of the tax code to do this efficiently. (I.e growth heavy funds who focus on capital growth rather than distributions)
Two things to consider though:
1) you could put it in a Roth IRA, which while it has the same limit, 5500 in post tax dollars are worth more than pretax dollars.
2) there is no requirement to have your retirement exclusively in a retirement account. You can skirt the edges of the tax code to do this efficiently. (I.e growth heavy funds who focus on capital growth rather than distributions)
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