There are a number of good retirement savings plans for the self-employed. Which is right for you? We’ll discuss the SEP-IRA, SIMPLE IRA and Solo 401(k), the best options on the market today.
A Roth 401(k) is one of a number of Employer-sponsored retirement savings plans in the marketplace today. As such, for a person to participate, they must be an employee of a company that offers a Roth 401(k) plan to their employees.
A job change or loss is the optimal time to make revisions to your retirement savings plans. However, making the right choice can be a complex process with heavy tax consequences.
Important differences exist between the Traditional and Roth versions of both the employer-sponsored 401(k) plans and Individual Retirement Accounts (IRA).
A Traditional 401(k) is one of several types of employer-sponsored retirement savings plans in the category of “defined contribution plans”.
A Roth IRA is an individual retirement account which varies in a number of ways from the Traditional IRA. The principle difference is two-fold.
A Traditional IRA is one of several types of IRA’s, or Individual Retirement Accounts. The financial planning process will reveal if and when it is advantageous to use a Traditional IRA.