SEP IRA

Archive for October, 2005

Question: What is the best way to use my old 401K to fund my music career?

I’m 30, I have an old 401K from my past job. Should I create an LLC for myself, transfer to a SEP or SIMPLE IRA? What are the tax or penalties? Any new legislation for start-ups? Thanks!

Answer: you should be saving that money for retirement – withdrawing it now will cost you between 15-30% of it to taxes and penalty

just do a direct rollover to a regular IRA and leave it there

Elite Pensions LLC IRA part 1 of 4

SIMPLE IRA plans are designed to encourage self employed business owners to save for retirement. These SIMPLE IRA individual retirement account stands for “Saving Incentive Match Plans for Employees”.

Who should set up SIMPLE IRA plans?

SIMPLE IRA plans are for small businesses and companies with less than 100 employees. Self employed business owners with no employees can also establish a SIMPLE IRA plan.

Types of SIMPLE IRA Plans

There are two types of SIMPLE IRA plans. The first type of SIMPLE IRA plans is SIMPLE IRA whereas the second type of SIMPLE IRA plans is SIMPLE 401k.

Simple IRA plans are more likely to be suitable business owners with on employees. There are many advantages of Simple IRA plans. We discuss Simple IRA plans contributions and distributions as well as Eligibility Requirements in later sections.