does any1 know about 401k Plans for the Self-Employed?
931336
Google is quite the useful tool.\n\nType in 401k self-employed and the information is limitless.\n\nI am surprised that more people do not use this function to find info.\n\nCheck this link:  explains some of the benefits that Solo 401k plans offer\n\nhttps://www.bcmadvisors.com/retirement_plans/solo-401k.htm
434245
consult your employer or 401K manager
727449
my hubby is in the army - we move alot! so i got a job working from home its legit, theres a 401k plan pls other benefits for you and your family so no matter where you live as long as you have a phone and internet you can do this see this site, iboplus.com/40450014 or see mine at JAnderson52@ameriplan.net
344263
This plan should help assist you.\n\nhttp://everyonebenefits.com/40374893
195053
You should put in at least as much as you need to in order to receive your company's match.  If you put in less than, then you're walking away from "free" money.  Anything over that amount is a personal investment decision.  My old company had a terrible 401(k) program with few, and mostly bad, investment options.  I put in enough to get my company match, and then put more money into an IRA.  My current company has a great matching program, and terrific investment options, so I'm maxing out my contribution.  \n\nThe short answer is put away as much as you can.  The longer it sits in an investment that's growing, the more money you'll have at the end.
991333
Please talk to your 401K/IRA administator.  The rules are complex and you shouldn't trust the information you get from a bunch of strangers on the internet.  Good luck!
1022786
Invest in your companies 401K plan. If they match your contribution, they can double your money right away.  Ask you HR person for details.
1070556
Very few of the answers above do make any sense.  Registering as a company does not make sense.  First, you have to be a legitimate self-employed entity.  I gather you are not.  Second, at your earnings level, your tax liability would be higher as a corporation vs an individual. \n\nAlso, adding additional personal exemptions on your W2 as suggested by others does not work either.  First, they are illegal.  Being single with no dependent, you just can't claim additional personal exemptions.  Even if this was legal, it would still not work.  It would increase your take home pay marginally.  But, it would increase your tax liability at filing time.  So, you have to try something else. \n\nBuying a home will result in substantial tax deductions because the interest component of your mortgage and property taxes are tax deductible.  However, I am not sure buying a home makes sense right now.  They are staggeringly expensive.  The mortgage will wipe out your cash flow.  Forget the good life.  Also, from an investment standpoint over the long term, I am not sure that a home is a better investment vs renting, and using the savings to invest in a diversified portfolio of stocks and bonds index funds. \n\nHere is what I think makes better sense for you.  \nFirst, realize that a 29% income tax rate for the amount of money you make is extremely low.  It has to be one of the lowest income tax rates of any developed country.  \n\nSecond, maximize your funding under your company's 401K plan (at least reach the minimum level qualifying for the company's matching.  It is typically 3% to 6% for most companies).  That will reduce your taxable income and give you an automatic 100% return on your money because of the company's matching. \n\nThird, invest the maximum you can in a Roth IRA (maximum $4,500).  At your income level, you don't qualify for a traditional IRA anyway.  And, for you a Roth IRA is better anyway, since you will never have to pay taxes on those funds. \n\nFourth, consider donations to your favorite charities.  These will reduce your taxable income too.  \n\nFifth, put some money in your company's flexible spending account for covering out of pocket medical expenses.\n\nSixth, if you have some extra funds for investments consider Muni bonds.  On an after tax basis, they provide a higher return than taxable bonds because their interest income is not taxable.\n\nIn summary, I gave you several recommendations to increase your taxable deductions.  These include the 401K, donations, flexible spending account.  I also gave you recommendations to boost your tax-free investment income: Roth IRA, and Muni bonds.\n\nIf you need any clarifications don't hesitate to contact me through "Answer."  And, I'll revise my answer accordingly.
12817
It depends on how old you are.  Most retirement plans depend on the economic conditions at the time of retirement.  One person can take their 401k out this year and might get more money then the person taking it out the year after.  See, its all economics.  On top of the economics, its what you invest in.  When you put money in a 401k, you have experts putting it into mutual funds for you.  They take alot from you.  So, theoretically, you can buy your own stocks and make a heck of a lot more.  And instead of investing in them for 45 years, you can invest for 8 years and make the same amount or more.  This is true, however, you dont know what to invest in.  So, I suggest you start small and on something a bit more safe.  I will show you 2 or 3 of the best ways to do this.  I am a rare coin expert.  These ways are not fool proof because the economy goes up and down in a cycle of booms and busts.  But, they do cut out the risk because you only have 10 years left.  \nThe first method is through gold.  I suggest you buy the physical form and not stocks or anything of that nature.  You can buy the physical form and allow the sellers to store it for you.  Do not allow them to store it for you if they are just a small company.  I would rather take the physical gold with me.  There is a fee to take this gold with you though.  But, its better then not having it.  With gold, its always hovering at about $278 to about $315.  I would say that anything less then $290 is a good buy.  When you buy, they always tack on an additional couple of dollars because the gold was assayed into a gold bar for you.  When gold is high, they add like $4.  When it is low, they might add $7 dollars.  Dont worry about this.  Just pay for it.  I would rather buy bullion coins then the gold bars in the packages.  They cost $10 dollars above the gold value in the bar form.  Now, there are certain gold bullion coins that you should and shouldnt buy.  Its always best to go for the pure gold ones.  The reason being is, sometimes a jewelry store will take it in, but they will only pay for its content because they were going to melt it anyways.  And if it wasnt pure 24k, then they might have to take a couple dollars off to turn it into 18k or 14k, etc etc.  So, the purest ones are the Canadian gold coins, and the Chinese gold coins.  When gold goes down, you buy, when they go up, you sell.  Its that simple.  You cant lose because gold goes up and down all the time.  So, dont sell if you lose.  Just keep it there.  Whats the point of saving if you are going to dip into it?  So, over the course of 10 years, I know you can make a sizeable profit.  The question is large or small because you will not know when to buy and sell.  All you see is a profit when you sell, and you see a cheap price when you buy.  What you do is buy when its around $290 or less.  Sell, when it goes up.  And with the excess, you can buy more gold.  Just continue doing this.  I know for a fact that you can start off with $3000 dollars today and make at least 20 trades in the next 10 years and make no less then 100% of your investment back.  Gold is currently at $500 plus.  What if you bought it when it was $290 or less, which is what is preferred.  Thats over 200 per ounce.  So, in a year or two, do you see that you would have had over 5k?  You just have to wait till it goes down to around the 300 mark.  I mean, even if you buy for 290, and it goes up to 310 in 2 weeks, you can still sell and make 300 dollars.  That would add almost another ounce to your portfolio.  Continue to do this until you are about to retire.  During the last year, you will be waiting for the highest price you can find to sell.  Another thing to look into is instead of gold coins, you can buy grain gold.  They are just little balls of pure gold.  They are usually a couple dollars cheaper, but they are hard to obtain sometimes.  \nSecond way of investing is buying coins from the US mint.  They will be the cheapest price you pa
393236
It depends.  Do you have a Roth IRA?  You can use that money without a tax penalty.  A regular 401K through an employer will have some penalties usually.
47773
For a 401K, unless it's for a true hardship, you will pay a stiff penalty.  Check with your plan administrator but I believe it's around 25%, plus you will have to pay taxes on the amount if if was on a pretax plan and lose the the money's ability to work for you in the inventment.  Unless you have absolutely no other option, it's really best to leave the money alone.  You'll be glad you did later.
28358
Live well within your means.\n\nInvest in a home.  Keep consumables like cars to a minimum.\n\nContribute the maximum to your 401(k) plan.\n\nAt the same time, be disciplined to put in a set amount into a savings account each month from your salary.\n\nGet an IRA.  Also see if can qualify for a supplemental IRA.\n\nDepending on how much risk you can handle, invest in stocks, bonds or no-load mutual funds.
114442
Yes, see a tax adviser on your contribution limits however and to see if a Roth may be right for you.  Also, if your company offers a match, make sure you contribute up to the match limit before contributing to an IRA, otherwise you're leaving money on the table.  When you leave your company, roll the money into an IRA.  Expenses are lower in IRA's than 401(k)'s.  A lot of people like to keep their assets together, but since fees eat a huge portion of your returns, I strongly suggest rolling to an IRA rather than your new company's plan.  Plus, that way you're not limited to whatever investment offerings are in the 401(k), you can choose to invest with whomever you'd like.\n\nGood luck!
1132215
You need to start by reading what the IRS says about an IRA, see below).  From personal experience, if you don't have an IRA account yet, I believe that it would be better to set up a ROTH IRA, but that is up to you and your needs.\n\nFrom the IRS site:\n\nAn individual retirement arrangement, or IRA, is a personal savings plan which allows you to set aside money for retirement, while offering you tax advantages. You may be able to deduct some or all of your contributions to your IRA. Amounts in your IRA, including earnings, generally are not taxed until distributed to you. IRA's cannot be owned jointly. However, any amounts remaining in your IRA upon your death can be paid to your beneficiary or beneficiaries.\n\nTo contribute to a traditional IRA, you must be under age 70 1/2 at the end of the tax year and you, or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self–employment. In addition, taxable alimony and separate maintenance payments received by an individual are treated as compensation for IRA purposes.\n\nCompensation does not include earnings and profits from property, such as rental income, interest and dividend income or any amount received as pension or annuity income, or as deferred compensation.\n\nPlease refer to Publication 590 for information on the amounts you will be eligible to contribute to your IRA account.\n\nIf you, your spouse, or both of you are covered by a qualified retirement plan, your IRA deduction may be reduced or eliminated, depending on the amount of your Modified Adjusted Gross Income and your filing status.\n\nFigure your deduction using the worksheets in the Form 1040 Instructions or Form 1040A Instructions or in Publication 590. You cannot claim an IRA deduction on Form 1040EZ; you must use either Form 1040A (PDF) or Form 1040 (PDF). Form 8606 (PDF) should be attached to your return if any of your IRA contributions are not deductible. If both you and your spouse qualify, each of you may contribute to separate IRAs.\n\nThe deadline for making a contribution to a traditional IRA for the year is the due date of your return, not including any extensions of time to file.\n\nYou may choose to take the deduction on a return filed before the contribution is actually made, provided you make the contribution by the due date of that return, not including extensions.\n\nAmounts you withdraw from your IRA are fully or partially taxable in the year you withdraw them. If you made only deductible contributions, withdrawals are fully taxable. If you made any non–deductible contributions, withdrawals are partially taxable. Use Form 8606 to figure the taxable portion of withdrawals.\n\nAmounts you withdraw before you reach age 59 1/2 may be subject to a 10% additional tax. You also may owe an excise tax if you do not begin to withdraw minimum distribution amounts by April 1st of the year after you reach age 70 1/2. These additional taxes are figured and reported on Form 5329 (PDF). Refer to Form 5329 Instructions for exceptions to the additional taxes. For information on Roth IRA contributions or distributions, refer to Topic 309 and Topic 428. For information on conversions from a traditional IRA to a Roth IRA, refer to Publication 590.\n\nMore information on IRAs, including information on tax–free transfers and rollovers, is available in Publication 590, Individual Retirement Arrangements (IRAs).
95129
i have no idea. this should be planned considering the projected costs and the level of standard you want to retire, perhaps a million
797665
It makes sense to have them in one spot so that you can easily manage all of the funds and choose an appropriate asset allocation for your needs.  If your current employer has a 401k that you are eligible for, it usually makes sense to roll it over to your current employer's plan since you cannot roll funds out of the plan that you are currently in until you terminate employment or retire.  \n\nIf you are not eligible for the 401k at your current employer, I reccomend opening an IRA at Vanguard.  I work for a direct competitor of Vanguard, but I still believe they have better solutions for individuals (I know, I should go work for them).   \n\nIf you are not a saavy investor, make it easy on yourself by investing in an "Asset Allocation Fund".  The Vanguard funds are called "Target Retirement 20xx".  You choose the year that is closest to the one in which you will retire.  The fund manager wraps many funds into a single Target Retirement investment that is suitable for someone who is retiring in that particular year.  Lets say you intend on retiring in 2035.  Choose the Target Retirement 2035 fund.  As we get closer to 2035, the investment gets gradually more conservative.  Many fund houses have similar types of investments.  These are hands down the best investments for people who don't want to waste their time picking out individual funds that suit their needs.  \n\nGood Luck
666343
Get in contact with the company that you worked for while you had the 401 (k) and find out who manages it for them.  Depending on how the plan is set up, you will be entitled to at least the amount you contributed, if not the company's match also (depending on vesting rules).\n\nYou might also try www.cashunclaimed.com.