Author Topic: Retirement Account Advice Needed  (Read 1250 times)


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Retirement Account Advice Needed
« on: January 15, 2020, 03:40:53 AM »
Hi Everyone,

I have two questions as it pertains to my retirement account that I'm looking for advice on. Figured this was the best resource!

1. I currently have a Traditional IRA through American Century that I was funding through my previous employer. The account is doing well but I wanted to see about moving it to Vanguard. I have passed the "two year waiting period" but am not clear on how exactly to transfer the account to Vanguard and if it's a 1:1 transfer or if there are other logistics that I need to be aware of.

2. As of 2020, I have made the move to run my own company under an LLC. What options do I have to contribute to a retirement account now that I am self employed?

Any advice is greatly appreciated.

Millennial Mustache

Chris @ Saturday Financial

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Re: Retirement Account Advice Needed
« Reply #1 on: January 15, 2020, 07:26:40 AM »
1. I recommend calling Vanguard and talking with them. It's in their interest to help you and make the process as smooth as possible. In some cases they can help you take care of everything without you ever needing to call the other company.

2. There are plenty of options, and I would recommend further research beyond my quick response. That said, a Solo 401(k) seems to be one of the best options for someone who is self-employed and doesn't have any plans to hire other employees in the near-ish future. You can also talk to Vanguard about this.
« Last Edit: January 16, 2020, 06:37:09 AM by Chris @ Saturday Financial »

neo von retorch

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Re: Retirement Account Advice Needed
« Reply #2 on: January 15, 2020, 08:00:00 AM »
1. When you move a retirement account, the typical process is that everything is liquidated and moved; then you buy new mutual funds (or other assets) in the new account. Since it's in a tax-sheltered account, there's no concern over taxable events when you liquidate/sell. So if you are working on your investment policy statement, now's a great time!

2. With my LLC I had a Solo 401(k) and the limits for employer contribution are really high, so depending on your overall profits, take advantage of all that tax sheltering! (I had my solo 401k with Vanguard.)


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Re: Retirement Account Advice Needed
« Reply #3 on: January 15, 2020, 06:58:49 PM »
Thank you both for your quick reply. This is very helpful.