[calchris42]

Super helpful. I didn’t know about individual 401k’s.

Thank you!

[tomcam]

You in particular should also benefit greatly from a SEP IRA. Expensive to run but lets you sock away much much more.

[meetingthrower]

Actually Solo 401k lets you put away just as much if not more, and has a Roth option. But both are worth considering for sure.

[japhyr]

What's expensive about running a SEP IRA? Are you referring to the fact you have to contribute to an employee's IRA as well as your own?

[tomcam]

I had to jump through hoops and pay a specialized firm to administer. Maybe it no longer applies?

[meetingthrower]

Both are basically plug and play now with places like fidelity or vanguard. Zero admin fee for mine.

[RhysU]

Seconded on no cost with at least Fidelity. They start having reporting requirements at $250K of assets. They are also something of a pain to close if you have multiple participants.

[1123581321]

I can’t say what happened, but SEP was always the simpler, cheaper option, nearly DIY compared to a proper 401k.