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03-10-2009, 01:53 PM
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#1 |
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Registered User
Join Date: Mar 2005
Posts: 1
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Advice on best retirement plan
I am looking for opinions on which retirement plan would be best for my situation
I am one of three owners of an S Corporation. We are the only full time employees with benefits (we have one part time employee who is paid hourly for work completed (usually 25 hours or so every two weeks)) and I am looking at the possibilities of setting up a retirement plan for the three of us. From my research it appears that either a Self Employed 401K or a SEP IRA allow the largest contributions and tax advantages but I was looking for any other opinions Thanks in advance |
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03-12-2009, 03:41 PM
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#2 |
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Registered User
Join Date: May 2007
Posts: 124
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The SEP would be less expensive to set up.
Speaking of money, be very careful about hidden fees when choosing an administrator and/or investment advisor. IE: If someone offers to set up a solo 401k for "FREE", I'd be very careful. Documentation for a Solo-K is no less expensive than a 401k with 50 employees. Both plans have the same document requirement, basically. I'm painting very broad strokes with my advice, which means it is only accurate to a point. Just know this: There are a lot of sharks in this business because there is a great deal of money to be made. Good luck. |
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