Articles by Jaiya

Planning for retirement can be more complex when you’re self-employed. If you’re a real estate agent earning self-employment income, you might wonder if you have the same options as employees at bigger firms.  The good news? A Solo 401k may offer a potential way to build retirement savings while also managing taxes. This article explains who qualifies, [...]

Being your own boss offers freedom — but also comes with the responsibility of planning for retirement without the benefit of an employer-sponsored 401k. If you’re self-employed, even part-time, the E*TRADE Solo 401k could be worth considering. It’s designed for business owners with no full-time employees, including freelancers, consultants, and side hustlers. E*TRADE provides access to [...]

Moving your retirement savings between providers might seem tricky to figure out, but it generally only takes a few steps. Whether you’re changing investment strategies, seeking better portfolio options, or consolidating your retirement accounts, transferring your IRA from Betterment to Fidelity is a straightforward process. At Carry, we want to make financial decisions feel more manageable [...]

Determine if you qualify for a Solo 401k loan and calculate maximum loan amounts [...]

The government requires companies offering 401k plans to keep things fair for all employees. This ensures that highly paid employees (like executives) don’t get much better retirement benefits than regular employees. Each year, companies must run tests to prove that the retirement benefits and contributions are relatively equal between these two groups of employees:  Highly compensated employees [...]

The five year rule determines when withdrawals from Roth retirement accounts may be treated as tax-free and penalty-free. It applies to Roth IRA, Roth 401k, and Roth Solo 401k, but the rule works differently for each account type. That difference can create confusion for many savers. Rollovers and conversions may also affect when the five year clock [...]

OVERVIEW A Traditional IRA is an individual retirement account to anyone with taxable compensation. There is no age limit to contribute. Contributions may be deductible or nondeductible depending on your income and workplace plan coverage. Earnings grow tax-deferred, and withdrawals are taxed as ordinary income. A 10% additional tax generally applies to withdrawals before age 59½ unless an [...]

If you’re a W-2 employee, your employer may offer a SEP IRA instead of a traditional  401k plan. But unlike a 401k where you can make your own employee contributions, a SEP IRA allows only employer contributions. You can’t contribute directly to the account. A SEP IRA is often chosen by small businesses as a simpler, [...]

OVERVIEW Distributions from a 401k generally start without the 10% early withdrawal penalty once you reach age 59½. Roth 401k withdrawals typically require you to be at least 59½ and to have held the account for at least five years. Early withdrawals usually face a 10% additional tax plus income tax on taxable amounts, unless an exception applies. Traditional [...]