SIMPLE IRAs are up next as we continue the series exploring three different types of retirement plans ideal for small business owners and the self-employed. Yesterday, we started the series with an in-depth look at the SEP-IRA. SIMPLE IRA Overview SIMPLE stands for Savings Incentive Match Plan for Employees. SIMPLEs were established to encourage small [...]
After Madison posted about her Solo 401(k) woes, a reader, Lee, suggested she look into a SEP-IRA instead. Let’s take a step back and explore 3 different types of retirement plans ideal for small business owners and the self-employed. We’ll start the series with an in-depth look at the SEP-IRA. SEP-IRA Overview SEP stands for [...]
Time to help out a reader, Marke, who is facing a tough decision. His home has lost value, like many people today, and he’s not sure how to handle it. However, it’s not just his house he’s worried about. He’s nearing retirement, and needs to start planning for that, too. It seems that keeping his [...]
The Roth IRA can be a very powerful vehicle to save for retirement. I’ve been getting a lot a questions lately about the Roth IRA and thought it would be helpful to share them in a Q & A format. My wife and I both opened a Roth IRA account with $4,000 each. Can we [...]
I recently opened a new self employed 401k (or solo 401k) plan. I set up one plan with two accounts, one for my husband and one for me. It all started when I got an email from David at My Two Dollars who was looking to compare self employed tax deferral options for his own [...]
