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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Frugalady10 on June 02, 2013, 02:02:40 PM

Title: Best Retirement Accounts for Self Employed?
Post by: Frugalady10 on June 02, 2013, 02:02:40 PM
Hi, i was wondering if anyone had any suggestions of the best retirement savings account for a self employed person? Right now (my husband is self employed) we have a Roth IRA through our bank and I am thinking of opening an IRA through Vanguard, but I wanted to hear what other people have.
Title: Re: Best Retirement Accounts for Self Employed?
Post by: grantmeaname on June 02, 2013, 03:29:37 PM
You should see about an SEP IRA. They have a much higher contribution limit than traditional and Roth IRAs.
Title: Re: Best Retirement Accounts for Self Employed?
Post by: brewer12345 on June 02, 2013, 04:10:29 PM
DW uses a solo 401k through Fidelity.  It is very flexible and allows a lot more deferral than an IRA.
Title: Re: Best Retirement Accounts for Self Employed?
Post by: Frugalady10 on June 02, 2013, 05:47:21 PM
Thanks I will have to check both of them out.
Title: Re: Best Retirement Accounts for Self Employed?
Post by: frompa on June 04, 2013, 02:56:08 AM
I'm self employed and I do a SEP and a traditional IRA, so I can shelter a good chunk every year. Read up on SEPs. If your circumstances allow it, you will likely find it very useful. Best of luck.
Title: Re: Best Retirement Accounts for Self Employed?
Post by: PGH on June 04, 2013, 04:52:25 AM
I have a solo 401k and solo Roth 401k through eTrade. You can set up both with loan provisions as well.