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 [...]
Roth IRA Q & A
Posted byThe 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 [...]
Opening a New Solo 401k
Posted byI 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 [...]
2009 Roth 401k and Roth IRA Limits
Posted byFor those of you that like to make your retirement plan contributions as soon as possible after the new year, here are your 2009 Roth IRA limits and Roth 401k contribution limits, so you can start planning. The 401k limits go up in 2009, but the IRA limits remain the same. The Roth IRA and [...]
