- April 6, 2024
- Posted by: legaleseblogger
- Category: Related News
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Current Retirement Savings Situation
As the title states, my company currently doesn’t offer a 401(k). We are a smaller manufacturing company that is still in its rapid growth phase. I do own about 3% of my company so I do expect a return at the time of sale, IPO, or stock sale, but the investment is currently not liquid (SAFE agreement, shares have not been issued yet).
However, I am concerned about diversifying my retirement savings beyond my Roth IRA. I max my Roth IRA contributions every year, but am wondering if there are other avenues to save for my retirement. As it stands I am currently 33 with about $66.5k in my Roth IRA.
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****** just grabbed a
Start here: https://www.reddit.com/r/personalfinance/wiki/commontopics.
Hsa. Taxable.
There’s always taxable investment accounts. Yeah, it’s not an IRA or a 401k, but tax loss if you’re not trading should be minimal (maybe 1% in my experience for my mutual funds)
You can start a solo 401k. Most of the big brokerages offer them. Still worth doing even if you don’t get a match and there are fees. Shop around for low or zero fee plans.
HSA (if you qualify)
529 Savings Plan (under your name, it can be transferred if you ever have kids),
Regular brokerage account
The main benefit of the first two is mainly the tax deduction you get upfront. If you use either for non qualified expenses it will be treated as taxable income.
You may find these links helpful:
– [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds)
– [401(k) FAQs](/r/personalfinance/wiki/401k)
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
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