My company doesn't offer 401K but I would like to have a plan for me and my husband. Anyone with a personal 401K plan that they like? Thanks for the help
2007-08-27 03:18:22 · 8 answers · asked by MommaG 2 in Business & Finance ➔ Personal Finance
You should contact a financial advisor about getting a IRA. It is one of the best ways to save for retirement.
If you don't want to spend the extra money for an advisor, you can get online and set up an IRA on your own.
2007-08-27 03:24:26 · answer #1 · answered by T the D 5 · 0⤊ 0⤋
If you work in the school system they have something similar to a 401k. Problem is, if there is no matching, there is little point. You are better off by setting up an IRA account, and I would also recommend you set up a Roth IRA as well. A regular IRA is pre-tax investments so you defer your income taxes until you take the money out. A Roth account is after tax, so you will never pay taxes again on this when you take the money out. Check Morningstar.com for ratings on funds.
2007-08-27 03:34:15 · answer #2 · answered by georgerunde 1 · 0⤊ 0⤋
I would transfer it to a Fidelity IRA--that way you'll have flexibility with at least that portion of your retirement accounts to invest how you choose. You can only rollover 401ks to Traditional IRAs, but you can then convert it to a Roth IRA if you want to. If you do that you will owe income taxes on the balance, but I think a Roth is the better way to go, all things equal. I recommend sticking with Fidelity not only because you might save money in the transfer (by not paying front end loads on new funds) but because they are a very well-reputed company with a variety of low cost, high performing funds.
2016-05-19 01:06:46 · answer #3 · answered by giselle 3 · 0⤊ 0⤋
If your company does not offer a 401K, you must use an IRA for your retirement. Unfortunately the contribution limits are low.
You should get together with your co-workers and ask your employer to start a 401k program.
2007-08-27 03:24:24 · answer #4 · answered by VATreasures 6 · 0⤊ 0⤋
You can do a personal 401k if you own or are part owner of a businesss. Some people create their own LLC's simply in order to have the ability to self-fund a 401k. It is a very good option since you can also apply your own matching funds and let the interest compound over time.
2007-08-27 03:57:57 · answer #5 · answered by Jay P 7 · 0⤊ 0⤋
IRA's are usually better than 401k anyway. But best case scenario is to invest in mutual funds. It's a little more risky but the rewards for 20+ years investments is always better. For more, go to daveramsey.com.
2007-08-27 09:08:55 · answer #6 · answered by starfishltd 5 · 0⤊ 0⤋
You need to look into an IRA or ROTH account. Speak to a independant financial planner to get some advice as to what would serve you best. You have several options.
2007-08-27 03:44:15 · answer #7 · answered by loancareer 3 · 0⤊ 0⤋
yes it is called the gov ==two types ira and roth ira and both of you can put a lot of money into both of them = any bank or broker can start you out with very little upfront capital!!!
2007-08-29 09:39:25 · answer #8 · answered by Anonymous · 0⤊ 0⤋