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.

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.

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 ...

An IRA portfolio is not limited to US stock markets, Bonds and Gold. For those wishing to increase the resilience and growth ...

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 ...

If rolling over a 401 (k) takes two months, you could miss out on any upturns in the market, potentially costing you a lot of ...

How an IRA works. For traditional IRAs and Roth IRAs, the contribution limit for 2024 and 2025 is $7,000. If you are 50 or older, you can make a “catch-up” contribution of $1,000.

IRA stands for individual retirement arrangement. That’s the official name given by the IRS, but most people think of IRAs as individual retirement accounts, and that’s exactly what they are.

A solo 401(k) and SEP IRA have the same total contribution limit for people younger than 50 ($70,000 in 2025, 69,000 for 2024 ...

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 ...