Domain: tiger-web1.srvr.media3.us Small Business Retirement Plan | Money Talk
Money Talk
Return•Bottom
Page 1
Page 1
Started By
Message

Small Business Retirement Plan

Posted on 6/22/23 at 2:44 pm
Posted by tigerforever7
Baton Rouge
Member since Aug 2012
1218 posts
Back to top
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.
Replyreplies2...
Posted by diat150
Louisiana
Member since Jun 2005
47430 posts
Back to top
Posted on 6/22/23 at 3:12 pm to tigerforever7
You can do a solo401k until you hire employees.
Replyreplies1...
Posted by BestBanker
Member since Nov 2011
19203 posts
Back to top
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.
Replyreplies0...
Posted by Geauxkart
Member since Jun 2013
111 posts
Back to top
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!

Replyreplies0...
Money Talk
Return To Board
Page 1
Return To Board
first pageprev pagePage 1 of 1Next pagelast page
refresh
Latest LSU News »
Photos: Joe Burrow Was Hanging With Sophie Julia & Other Models During Super Bowl Week
Photos: Lane Kiffin Was Courtside At The Pelicans Game Wednesday Night
Former LSU Player & Staffer Jermauria Rasco Lands New Job At SEC Program
Eleven LSU Football Players Have Been Invited To The NFL Combine, Here's The List
Livvy Dunne Shares Pictures From Super Bowl Week In San Francisco
Sports Lite »
George Kittle’s Wife Shares ‘Unreal’ Video From SI Swimsuit Issue
Jennifer Lopez Posted Gyms Pics With Her Latest Mantra
Wild POV Angle From Super Bowl Streaker
Lindsey Vonn Has 'Successful' 3rd Surgery On Broken Leg, Posts Pic From Hospital Bed
Watch Tom Brady Belittle Logan Paul And His Athletic Achievements
Latest SEC Headlines »
Four SEC Quarterbacks Have Been Invited To The NFL Combine
An Alabama Football Transfer Has Been Granted A 7th Year Of Eligibility
Three SEC Schools Are In The Mix For Four-Star CB Jaden Carey
The SEC Has Hired A New Associate Commissioner For Football
Former Auburn Football GM Reportedly Lands NFL Personnel Job
Popular
Patriots Head Coach Mike Vrabel Comments On Will Campbell After Super Bowl Loss
Report: A Former Tiger Is Joining Lane Kiffin's Staff
Photos: Joe Burrow Was Hanging With Sophie Julia & Other Models During Super Bowl Week
Crowd Chanting At Woman In Green Dress At Waste Management Responded With Kiss And Chug
Golfer Paige Spiranac Got Glasses

Back to top
logoFollow TigerDroppings for LSU Football News
Follow us on X, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

Facebook•X•Instagram