Is anyone here familiar with doing a 401K for self-employed people? I REALLY need to start a retirement account as I am 30 and have absolutely nothing started so far. I was thinking this seemed like a good option, but I would love to get any tips and such from people who are familiar with this savings option. Are there any drawbacks that I should be aware of?
I have considered it and likely will. I figured I would start off here though first :) It is something that I am beginning to think about and don't even know that I will be able to pull together for this tax year yet. Have you found the entire thing fairly easy to navigate? Did you open it all through a financial adviser?
If your overall household income is below the limits for an IRA I think I would start there. It's not like your forgoing any sort of match by not participating in a 401k. Once you have full funded an IRA then it might make sense to consult a pro, but starting a low fee IRA with a major mutual fund company is pretty easy and too me sounds like the first step.