SOLO 401k vs SEP IRA (CHOOSE THE RIGHT ONE)

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CHOOSE THE RIGHT ONE → SOLO 401(k) vs SEP IRA
Both the Solo 401(k) and SEP IRA are great plans. In this video, I help you choose the right one. As an entrepreneur, self-employed, and/or small business owner, you’ve got to pivot from time to time when it comes to retirement planning and investing! There are some things you need to know about these retirement plans as you build your wealth.
Money expert advice can help you decide on a solo 401(k) also known as a self-employed 401(k), and SEP IRA, as explained in this video.
Do you have a corporate job and a side business? Chances are you're missing a big opportunity to build your wealth. A MONEY TIP in this video will help you win that opportunity!
Watch this video until the end to learn how to get your retirement planning aligned to your financial well-being. I’ve also included money expert tips in this video for self-employed so you know your retirement options.
And if you want to learn more about traditional IRA, roth IRA, and other retirement options, then check out the videos about these retirement savings accounts on my channel made just for you!
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LINKS MENTIONED IN THIS VIDEO:
8 Ways to Succeed as a Self-Employed Woman:
www.clearskywe...
Retirement Plans For Self-Employed:
• Retirement Plan for se...
SEP IRA for Self Employed:
• RETIREMENT (SEP IRA f...
Calculate your SEP contribution:
www.fidelity.c...
www.irs.gov/re...
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Let's Connect:
Instagram: / stephanie.kremic
Facebook: / stephaniekremic
Content disclaimer: www.stephaniek...
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#sepira #solo401k #financialplanning

Опубликовано:

20 окт 2024

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Комментарии : 10

@StephanieKremic 3 года назад

Which type of retirement plan are you contributing to in 2021?

@CoachViva 3 года назад

Wow, you make it easy to understand! Thanks for sharing this

@SocialConfidenceMastery 3 года назад

This makes a lot of sense!

@ShishirKhadka 3 года назад

Thanks for amazingly simple explanation Stephanie, loved the examples too. I could not stop thinking that someone saving 50% of their income could retire in around 17 years!!

@TheRealEstateInformant 3 года назад

This is an awesome video and helps clearly explain both of these financing options. Great video thanks for sharing.

@tomoko4387 3 года назад

Thank you so much for explaining these options. I subscribed : ) Just to make sure, you can contribute to SEP IRA if you are self-employed and have no employees? I ask because I have Fidelity, and on its website, it says "self-employed individuals or small-business owners, primarily those with only a few employees" are eligible. It does not specifically states that those without employees are eligible, so I wanted to make sure. Thank you!

@StephanieKremic 3 года назад

You are correct. If you don't have any employees and you have earned income from your business/self-employed income you can contribute to SEP. So glad you're here. What other questions do you have as a self-employed person? I'd like to answer in upcoming videos.

@tomoko4387 3 года назад

@@StephanieKremic Thank you so much for the quick response! My clients are mostly individual clients who pay me through Paypal or Zelle. Sometimes I work for a company or a university that file Form 1099. I keep record of who paid how much and when and refer to that record when I file taxes. To contribute to SEP IRA, do you have to have proof of income such as 1099? or is it okay to include cash income? Another question might be if your work mostly involves working with individual clients (jobs such as interpreter, tutor, editor) that doesn't require them to file 1099, what are the good ways to keep record of your income (hours worked, how much paid etc). Tried to come up with some questions haha. Thank you so much!

@tomoko4387 3 года назад

If you already filed 2020 tax return and did not report contribution to SEP plan, you can't contribute to SEP at this point, correct? Your contribution starts in 2021? Thank you so much!

@StephanieKremic 3 года назад

That is correct, Tomoko. Your contributions would apply to 2021 tax year.