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Solo 401K and 401KBrokers.com
10-24-2006, 06:16 AM
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#1
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Recycles dryer sheets
Join Date: Mar 2006
Posts: 206
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Solo 401K and 401KBrokers.com
I'm considering setting up a solo 401k - I currently have a SEP. This is my last full earning year and based on my calculations I should be able to put almost all of 06 earnings in the solo401K. I found 401kbrokers.com on the web and they claim - no setup charges and only .25 maint fee invested in Vanguard funds. What a deal! Anyone use them or know anything about them?
BTW - Can you roll a solo 401k into a standard IRA account after retirement?
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Re: Solo 401K and 401KBrokers.com
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10-24-2006, 08:31 AM
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#2
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Re: Solo 401K and 401KBrokers.com
I don't know anything about the 401k provider, but you can do a rollover after you retire into an IRA.
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No more lawyer stuff, no more political stuff, so no more CYA
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Re: Solo 401K and 401KBrokers.com
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10-24-2006, 08:42 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,391
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Re: Solo 401K and 401KBrokers.com
Please enlighten me !
Why would you want to do a Solo 401k rather than a SEP IRA? The contribution limits are the same.
What are the differences. Are there any advantages to the Solo 401k ?
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Re: Solo 401K and 401KBrokers.com
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10-24-2006, 08:47 AM
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#4
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Re: Solo 401K and 401KBrokers.com
 Quote:
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Originally Posted by MasterBlaster
Please enlighten me !
Why would you want to do a Solo 401k rather than a SEP IRA? The contribution limits are the same.
What are the differences. Are there any advantages to the Solo 401k ?
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http://early-retirement.org/forums/i...89029#msg89029
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No more lawyer stuff, no more political stuff, so no more CYA
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Re: Solo 401K and 401KBrokers.com
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10-24-2006, 10:24 AM
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#5
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Recycles dryer sheets
Join Date: Mar 2006
Posts: 206
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Re: Solo 401K and 401KBrokers.com
Thanks for the info Martha.
I am proceeding on setting this up. If my calculations are correct I will be able to move enough into qualified funds to get my taxes to 0 within 2 more years.
Free at Last!
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I'm trying to find myself.* Have you seen me anywhere today?
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Re: Solo 401K and 401KBrokers.com
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10-24-2006, 10:44 AM
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#6
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Re: Solo 401K and 401KBrokers.com
FWIW< when I set one of these up with Fido, they charged me nothing. Once it was set up, I got the standard fee structure like any Fido brokerage account.
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"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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Re: Solo 401K and 401KBrokers.com
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10-24-2006, 12:27 PM
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#7
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Full time employment: Posting here.
Join Date: Apr 2006
Posts: 529
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Re: Solo 401K and 401KBrokers.com
I used Fido as well for solo 401k. No problem. Easy to set-up.
Remember that for solo 401k you also have a contribution limit of 25% of total compensation if you are incorporated! so you will be paying some taxes unless you will have only about $25K of earnings to distribute for the year.
The contribution limit if your are NOT incorporated is 20% of compensation.
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Re: Solo 401K and 401KBrokers.com
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10-24-2006, 01:03 PM
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#8
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Recycles dryer sheets
Join Date: Mar 2006
Posts: 206
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Re: Solo 401K and 401KBrokers.com
Thanks Brewer for info on Fido. I am going to talk with them tomorrow.
Now I have to analyze their funds to see what index is best xfered from my Vanguard portfolio.
So little time, so much to learn!!!
And perinova - I know I will pay some tax this year - I'm setting up for no taxes at ER. (still $20,000 + 20% is a lot) Thanks.
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I'm trying to find myself.* Have you seen me anywhere today?
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Re: Solo 401K and 401KBrokers.com
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10-24-2006, 05:25 PM
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#9
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Recycles dryer sheets
Join Date: Aug 2004
Posts: 85
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Re: Solo 401K and 401KBrokers.com
I also used Fidelity as well for my solo 401(k).
It helped that there is a Fidelity branch 2 minutes away from my business.
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Re: Solo 401K and 401KBrokers.com
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10-24-2006, 06:45 PM
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#10
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Dryer sheet wannabe
Join Date: Feb 2005
Posts: 24
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Re: Solo 401K and 401KBrokers.com
For whatever it's worth, I have a Solo 401k with T. Rowe Price. Very happy.
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Re: Solo 401K and 401KBrokers.com
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10-24-2006, 07:18 PM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Re: Solo 401K and 401KBrokers.com
Quote:
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Originally Posted by Mysto
Thanks Brewer for info on Fido. I am going to talk with them tomorrow.
Now I have to analyze their funds to see what index is best xfered from my Vanguard portfolio.
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Fido has some cheap index funds, but you can also buy a VG ETF through Fido's solo 401k. I am a dedicated stock picker, so I buy individual stocks through the solo 401k (although the entire account is in one stock at the moment).
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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Re: Solo 401K and 401KBrokers.com
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10-25-2006, 09:05 AM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Re: Solo 401K and 401KBrokers.com
Fido to me is an enigma..............they brand themselves as a "no-load" company, yet 60% of their sales is through brokers.
Plus, they keep calling me and bugging me to sell their Fidelity Advisor Funds, which to me are no big deal........... 
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