Open a Solo 401k for 2009 before it’s too late!

November 13, 2009 By 2 Comments

If you’re looking for a tax break this year, there’s still time to open a Solo 401(K). But do your research and seek experts to help you understand the plan, how to manage your account without the need for a custodian which amounts to extra fees, and how to transfer your existing new plan. You’ll find the options for investing and maximizing your contributions are plentiful but the clock’s ticking—you only have until December 31st to open one for 2009.

Filed Under: Blog, Setting up a Solo 401k Tagged With: 401k, advice, advisor, alternative investment, contribution, eligibility, government, individual 401k, individual k, invest, investing, investment, ira, one person k, planning, retirement, retirement plan, savings, self directed, self employed, self employment, solo, solo 401k, solo k, strategies, strategy, tax, uni k, unlimited

Comments

  1. sep 401k student says:
    October 25, 2010 at 12:26 pm

    Trying to decide if a Sep 401k is the right plan for me, so appreciate the information.

  2. admin says:
    October 25, 2010 at 3:59 pm

    Hi, there. There’s no such thing as a SEP 401k. If you meant SEP IRA, that is an alternative to the Solo 401k.

    When you compare the two, it’s clear that the SEP IRA results in more taxation, less benefits, and less control.

    If you’re considering a SEP IRA, you’ll have more power and control by going with a Solo 401k instead ;-)

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