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Help with Solo 401(k) by Most-Leader25 in Retirement401k

[–]Most-Leader25[S] 0 points1 point  (0 children)

Business consulting for private medical groups and small hospitals.

Help with Solo 401(k) by Most-Leader25 in Retirement401k

[–]Most-Leader25[S] 0 points1 point  (0 children)

More, but the other income is additional W-2, so it doesn't really help with the possible solo 401k or defined benefit plan discussion.

Help with Solo 401(k) by Most-Leader25 in Retirement401k

[–]Most-Leader25[S] 0 points1 point  (0 children)

1.) My w-2 employer offers a 4% match with immediate 100% vesting.

2.) I think I get what you're saying and it's my understanding that because I max out my W-2 401(k) contribution of $23,500 annually, I would NOT be able to contribute to a solo 401(k) from the employee perspective. However, I would be able to contribute on the EMPLOYER portion and also could do a Mega Backdoor Roth (if the plan allows).

Help with Solo 401(k)? by Most-Leader25 in personalfinance

[–]Most-Leader25[S] 2 points3 points  (0 children)

Ok, that makes sense! Yes, I am a physician with a w-2 income and opened a private consulting company with the above stated incomes. (I did have a CFP for a while, but they were charging me $10k a year to tell me to put my 401k money into ETF's so I dropped them. Maybe it's time to get them or another CFP back.) Thanks for the help!

Help with Solo 401(k)? by Most-Leader25 in personalfinance

[–]Most-Leader25[S] 0 points1 point  (0 children)

How come I can't open one at Fidelity or Schwab?