TD Ameritrade also offers a free solo 401k plan. There are no set up fees, or any annual maintenance fees to hold your account, and all regular trades within the solo 401k are $0 per stock, ETF, and option trade. The solo 401k offered by TD Ameritrade comes with a pre-tax account, but no Roth […]
The Charles Schwab Solo 401k Plan is another free prototype solo 401k plan that offers free account set ups, free trades, and no maintenance fees. Being free does have its trade offs. You don’t get a Roth option, no ability to do a mega backdoor Roth, no access to alternative investments, and you still have […]
The Fidelity Solo 401k Plan is a free solo 401k plan with no account opening and closing costs, no annual fees, and $0 commission for online US stock, ETF, and options trades. They provide a pre-tax solo 401k account, without a Roth option, and the ability to invest in a wide range of traditional assets. […]
The Vanguard Individual 401(k) is a prototype solo 401k plan that comes with no set up fees, and you only pay for fund expenses. It offers limited investment options, but you can contribute both to traditional and Roth accounts, and if you have a balance of over $50,000 in your account, the fund fees are […]
Investing in real estate with a Roth IRA is possible (and completely legal). However, you need a special kind of Roth IRA, the self-directed IRA (SDIRA). While your investment options are limited to only traditional assets with a regular IRA, a self-directed Roth IRA opens the door to alternative assets like crypto, NFTs, private equity, […]
A SEP IRA (Simplified Employee Pension) is an individual retirement plan for business owners with or without employees. Employees can contribute up to $61,000 for 2022 or $66,000 for 2023. Contributions are made with pre-tax income and are tax deductible and tax deferred until you take qualified distributions in retirement. With a regular SEP IRA, […]
Many employers will opt to offer their employees retirement benefits through a SIMPLE IRA (Savings Incentive Match Plan for Employees) rather than a 401k plan. A SIMPLE IRA is much easier to set up, is less expensive, and requires less maintenance than a 401k. If you’re an employee who receives a SIMPLE IRA from your […]
Self-employed individuals and business owners have access to a wide variety of retirement plan options. There are five different retirement accounts you can choose from. Each type of plan has different eligibility rules, contribution limits, and tax treatments. Account Contribution Limits Roth Pros Cons Solo 401k $61,000 ($67,500 if age 50+) in 2022. $66,000 ($73,500 if […]
Updated on January 13, 2023: Most individual retirement accounts (IRA) require that you start taking distributions from your account once you reach the age of 73. If you don’t, you’re hit with steep penalties each year you fail to take your RMD. The Roth IRA is the only exception. You don’t have to take any distributions […]