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Recommendations for places to open a Solo 401(k)

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  • #1

    Recommendations for places to open a Solo 401(k)

    Hi Everyone.

    Does anyone here have a Solo 401(k) somewhere that they would recommend? I looked at Vanguard it's much more restrictive than I imagined. I am considering either Fidelity or TD Ameritrade. Anyone here have experience with either of those? Or others that you would recommend? Any that you would recommend staying away from?
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  • #2
    I'm not specifically familiar with the 401k options but I'll say that Vanguard, Fidelity, and T. Rowe Price are the 3 biggies when it comes to retirement investing. Schwab is another good one to check out. We have a taxable brokerage account and my SEP-IRA with TD Ameritrade and I've never had any issues with them either.

    What was the problem with Vanguard?
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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    • #3
      I have a TD Ameritrade brokerage account and it has been totally fine. However, Schwab now owns them and I'm not sure how much longer they'll be operating under the TD name.

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      • #4
        Originally posted by HundredK View Post
        I have a TD Ameritrade brokerage account and it has been totally fine. However, Schwab now owns them and I'm not sure how much longer they'll be operating under the TD name.
        I keep forgetting about that. I have accounts with both.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

        Comment

        • #5
          Originally posted by disneysteve View Post

          What was the problem with Vanguard?
          Thank you. I will look at Schwab and T Rowe Price as well.

          Vanguard does not allow rollovers into their 401(k), and it only allows investments in Vanguard mutual funds (not even Vanguard ETFs). Also, it has a small fee that other places don't. So Vanguard is definitely out.

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          • #6
            Individual 401k Plan: Traditional & Roth
            https://www.schwab.com/small-business-retirement-plans/individual-401k-plans
            If you're self-employed or run an owner-only business, you can make substantial contributions toward your retirement with a Charles Schwab Individual 401(k) plan.


            Here's the info page from Schwab.
            Steve

            * Despite the high cost of living, it remains very popular.
            * Why should I pay for my daughter's education when she already knows everything?
            * There are no shortcuts to anywhere worth going.

            Comment

            • #7
              Originally posted by disneysteve View Post
              https://www.schwab.com/small-busines...ual-401k-plans

              Here's the info page from Schwab.
              Thank you.

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              • #8
                Here's Fidelity's Info on Self-employed 401(k) Plans
                Self-Employed 401k Plan from Fidelity
                https://www.fidelity.com/retirement-ira/small-business/self-employed-401k/overview
                Self-employed individuals and owner-only businesses and partnerships can save more for retirement through a 401(k) plan designed especially for them. Learn more at Fidelity.com.


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