- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Small Business Retirement Plan
Posted on 6/22/23 at 2:44 pm
Posted on 6/22/23 at 2:44 pm
I have looked at starting my own small business (LLC) and am having trouble understanding what retirement account options would be available. For a bit, it would just be myself then possibly hire on an employee or 2. I am currently enrolled in a company sponsored 401k plan. Could I:
- Roll current 401k in IRA
- Run a 401k through my new company and fully fund my annual contribution
- Max out IRA annually
Thank you.
- Roll current 401k in IRA
- Run a 401k through my new company and fully fund my annual contribution
- Max out IRA annually
Thank you.
2
Posted on 6/22/23 at 3:12 pm to tigerforever7
You can do a solo401k until you hire employees.
Posted on 6/22/23 at 3:24 pm to tigerforever7
You can do a SEP IRA for yourself until employees. You could keep contributing with employees but would have to contribute to theirs as well. SEP to backdoor Roth until you get employees is a possibility.
Posted on 6/22/23 at 4:16 pm to diat150
Solo 401K is the correct answer if making a few $$.
I think the limit this year 66K. But, you have to have enough income to generate the full match. Great loophole for folks in your situation. I run mine through vanguard.
Good luck with the endeavor!
I think the limit this year 66K. But, you have to have enough income to generate the full match. Great loophole for folks in your situation. I run mine through vanguard.
Good luck with the endeavor!
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News