I’m just getting into investing and it seemed that the Roth IRA made the most sense to me, but then I learned about the solo Roth 401(k) and now I don’t know what to do.
As far as I can tell, they are practically the same thing, just different contribution limits. And of course one your contribution employer can potentially contribute to.
I noticed that higher contributions can be made to the 401(k). I am self-employed and don’t have any employees.
Reading into financial information like this is like reading a foreign language to me I guess I’m just not entirely sure if I’m able to do both of these or even if I should contribute to both of these.
I’m also confused on the amount you can contribute to the solo Roth 401k since you are the employer and employee.
Any help is greatly appreciated!
Submitted October 29, 2023 at 12:00AM by Jonnybot9000 https://ift.tt/t3XpAuM
