Anyone here ever take advantage of a self-employed 401(k)? Apparently you can rollover an old employer's funds straight into a self-employed 401(k) and gain total control. As we all know, these employer 401k account have pretty terrible returns. It'd be nice to at least throw it into something like VOO or even YOLO into some individual stocks. Kind of surprised I have never heard of you brokie ass chuds talk about it before. I already own a small business, so I have that part taken care of. Seems like a great way to grow wealth much more quickly. Imagine sinking your entire 401k into Micron kek.
>>62211117You can also just transfer it into an ordinary 401k rollover account at your favorite brokerage and get total control that way, no need to be self employed. I've got two 401k's rolled into my Schwab rollover account now, and am about to transfer another in a week or so (employer got bought and the 401k didn't automatically transfer over to the new plan).
>>62211117Scams
>>62211117yeah i did that and bought bitcoin and asian ETFs with my 401k
>>62211140The problem is I have a traditional IRA account that I use explicitly for backdoor roth IRA (because I make so much money). I have to keep 401k funds out of there or it messes up the backdoor roth strategy.
>>62211175So create a separate rollover account for your 401k's. Use a different broker if it makes you feel better.
>>62211184It doesn't matter in the eyes of the IRS. All traditional IRAs are considered one regardless of how many accounts you have.
>>62211117you will be destroyed in a bear market
>>62211117isn't this just an IRA?
>broke ass chudsTiresome scam thread by retard from twitter whose 'business' is either landscaping, selling some app no one needs or scamming other idiotso n twitter.
>>62211277No an self-employed 401k is legally different. Look it up on fidelity
>>62211281I am a retard on twitter, but my small business is game development. I have 3 games on Steam.
>>62211277They are similar but with some differences. I already have a traditional ira that serves as a staging ground for doing backdoor roth transfers.
>>62211117Employee sponsord 401(k) - you work for someone else. If do they match? Find out what is the most you can contribute.You own your own business - employer (you) sponsored 401(K) you, I believe, can set up the employer 401k and have the employer (you) make contributions for you (as employee), and can set, to some degree, the amount you can contribute. In this 401k you can set up your own self dircted retirement brokerage account and accumlate tax free.Also look into SEPsIf you have a trusted partner, you might create a "non-profit" and donate enough each year to the non-profit or charity to hold the money (look up tax benefits of donating to those that you own/control and the very limited amount of money you actually have to spend to meet the stated objectives of the non profit or charity (these were created by the wealthy for a reason), make tax free investments on your behalf. Aslo with governments or some non-profits (I believe) you can set a 457(b) plan with no minimum age for penalty free distriubtions so you can retire at say 40 and pull from you 457 (the 401k requires you to be 59-1/2.Talk to a an attorney who is very familiar with doing these things, the contribution limits, tax benefits and so on to see if you can make a plan. With more money you can hir the right people to help you develop ways to save more money.
>>62211140Yea I have all my employer 401ks rolled into one self directed IRA. Like, wow so many different employers.
>>62211117You should roll it over to an ira unless you need to avoid th pro rata rule or want to use the rule of 55...maaaaybe a few other edge cases like 401k loans as well.
>>62211117Isn't that like a CD account but they promise you 1% higher interest but then take money if you want to cash out?
>p-please bail out my boomer obligations Nope. Go belly up pension funds. Its irrational to buy out a demographic overhang
