A major part of retirement planning is choosing which type(s) of retirement accounts you want to use to hold your savings and ...

A 401 (k) is an employer-sponsored retirement plan that allows employees to save a portion of their salary, usually on a ...

The conventional wisdom regarding the solo 401(k) vs SEP IRA question is that self-employed people should choose the solo 401(k) because in most cases, the potential tax savings are higher.

Understand the consequences of withdrawing money from a 401(k) or IRA retirement account for emergencies and create a plan to ...

While saving for retirement is crucial, knowing what that looks like can be difficult. Self-employed individuals must choose between accounts like a SEP IRA or a solo 401(k). Both accounts have ...

The tax benefit of a solo 401(k) and SEP IRA is tax-deferred growth, offering the benefit of an initial break. You won't pay tax on contributions and growth until you withdraw during retirement at ...

SEP IRA vs. Solo 401(k) A solo or individual 401(k) plan is a 401(k) retirement account that's designed for sole proprietors and small business owners whose only employee is their spouse.

IRA stands for an individual retirement account. That “individual” part means you can open one independently, unrelated to your employer. However, you can only contribute to an IRA with earned ...

Contributions to a Solo 401(k) or SEP IRA are generally tax-deductible, reducing the business owner’s taxable income for the year. Additionally, both plans have deadlines tied to tax filings, giving ...

A solo 401(k) and SEP IRA have the same total contribution limit ($66,000 for 2023). However, if you’re at least 50 years old, the overall limit is $73,500 in 2023 with a solo 401(k) plan.