Is a SEP-IRA the best way to go for a retirement fund for the business?

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    Sloan

      I have a bunch of 401ks through various jobs I’ve had over the years. Where and how do I put them in the same account if I don’t have a current employer 401k because I’m going to stay at home with my kids for a while?

      Also, my husband just opened his own counseling practice and we are looking at hiring… Any tips/tricks/things you wish you had done or known as a new employer? Lastly, is a SEP-IRA the best way to go for a retirement fund for him!/the business?  Ideally we would like to try to support our future employees with some type or retirement fund.

      #80993 Reply
      Michelle

        With no employer account, you’d roll them into IRAs, the same time as how you contributed (Roth or traditional). Note that if you ever need to backdoor Roth, having a traditional IRA would be an issue. If you don’t ever expect that, you’d just choose a brokerage firm and contact them to figure out exactly what you need to do to roll everything together (then make sure you invest it and reinvest dividends and capital gains).

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      Reply To: Is a SEP-IRA the best way to go for a retirement fund for the business?
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