Saving for retirement seems like a relatively straightforward goal: You know you’ll need money later — so you should save for it now, right? Yet nearly 50% of the population wishes they were saving more!
Part of saving money is knowing where to keep it – and there are many options (and rules) to consider.
Howard Hook weighed in on the Solo 401(k). Here’s what he had to say:
If you’re self-employed and you have no employees, typically the Solo 401(k) makes sense from a financial perspective because you can save dollar for dollar, whereas with a SEP it’s a percentage of your salary. A Solo 401(k) does involve more paperwork, but it’s not drastic.
This article, published on Magnifymoney.com, provides some guidance about the different plans available.
Read the entire article here: Find the Best Retirement Plan for You