I am self employed, at one point my brother recommended I get a financial advisor to help me save for retirement since I don't have a normal job with a normal 401k
Fast forward a few years and my husband and I finally took a close look at the statements from the financial advisor and the fees are insane plus I just really really don't like the guy.
So I am interested in breaking ties with him. From my research I can roll over the Profit Sharing Plan he set up into either a Self Employed 401K or an IRA. (I have a Sole Proprietor LLC with currently no employees)
The benefits of the Self Employed 401K is that I can contribute up to 25% of my income but if I ever do hire employees (a strong possibility in the future) I would have to offer it to them as well and it seems a bit overly complicated to manage/calculate yearly contributions.
On the other hand an IRA just seems like the easier route to go. It's a lot less complicated, but I can only contribute max $6,000 each year.
Should I just go with the IRA and then put any excess income I may have into investments to prepare for retirement?
Submitted January 14, 2021 at 10:35PM by matto345 https://ift.tt/3bEPlam
