Hi Help Me Retire,
I have a small business with about twelve awesome employees. I’m not quite ready to set up a retirement plan for them yet, but maybe in a few years. On a personal note, I’m maxing out my Roth IRA and I also have a 403b with equitable from my teaching days. I’d like to move that 403b out of equitable – any ideas on where I can roll it into? What other retirement account options are out there for me? Do I have to stick to just a Roth or traditional IRA if I’m not ready to offer retirement benefits to my employees just yet?
Catch you later!
- Retirement Dreaming Denise
Response from HELP ME RETIRE:
Hello There,
Congratulations on owning a small business and being proactive about your retirement savings! It’s great to hear that you are already maxing out your Roth IRA and have a 403b from your previous teaching career. As for rolling over your 403b from Equitable, one option would be to transfer the funds into a Traditional IRA, which would allow you to have more control over your investment options and potentially lower fees.
Additionally, if you are not quite ready to offer a retirement plan to all your employees, you could consider setting up a Simplified Employee Pension (SEP) IRA. This type of plan allows you to contribute to your employees’ retirement savings while also benefiting yourself. SEP IRAs are easy to set up and have minimal administrative costs, making them a practical choice for small businesses like yours.
In terms of exploring other personal retirement account options, you may also consider looking into a Solo 401(k) or a SIMPLE IRA, depending on the size and structure of your business. These accounts offer additional retirement savings opportunities and can be tailored to your specific needs and financial goals.
Overall, taking the step to review your retirement accounts and explore new options shows that you are on the right track towards securing your financial future. If you have any further questions or need assistance in navigating these retirement account options, feel free to reach out for more guidance.
Best regards,
HELP ME RETIRE
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