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#1 of 5 Old 07-23-2011, 12:44 PM - Thread Starter
 
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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?


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#2 of 5 Old 07-23-2011, 01:24 PM
 
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http://www.selfemployed401kcenter.com/


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#3 of 5 Old 07-24-2011, 03:52 PM
 
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My husband and I are self employed. We have SIMPLE and SEP accounts as well as an insurance fund that we pay into monthly. Have you considered talking with a financial adviser?


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#4 of 5 Old 07-24-2011, 04:45 PM - Thread Starter
 
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Quote:
Originally Posted by Coconut Chronicles View Post

My husband and I are self employed. We have SIMPLE and SEP accounts as well as an insurance fund that we pay into monthly. Have you considered talking with a financial adviser?



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?


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#5 of 5 Old 07-25-2011, 06:51 AM
 
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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.

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