Vanguard has been said to be the best solo 401k provider. But it appears it is not the only company in its pedigree. Usually, the key to selecting a solo 401k provider is to determine your needs. To make it easier for you, here are the best solo 401k providers to consider this year.
You may wonder, “what is a 401k plan?” Alright, a 401k plan is an employer-sponsored retirement account.
It allows employees to dedicate a percentage of their pre-tax salary to a retirement account. These funds are invested in various opportunities like stocks, bonds, mutual funds, and cash.
So the sole purpose of this article is to help you find the best solo 401k providers to invest with. Take your time to read through.
Meanwhile, here’s the table of content for an overview of what to expect in this article.
Table of contents
Best Solo 401k Providers in 2023
Carefully read through, compare the options, and know the one that best suits what you want.
1. Fidelity Solo 410k
Fidelity has been on the jump for years now. They offer a wide variety of goods and services at a minimum price, and it is one of the fast-growing companies.
Fidelity offers a range of investment options like free commission ETFs, mutual funds, socks, bonds, and lots more.
They also give carry-over to plans, which is an excellent strategy for doing a backdoor Roth IRA. This is cheap and has no annual maintenance fee, and trading on fidelity is standard.
2. Vanguard Solo 401k
Vanguard is a famous option for solo 401k option cause of its equivalence to low fees. Although it offers Roth and traditional options, it does not allow rollover like Fidelity.
It only allows participation, and this limits investment. Vanguard also lowers the minimums on their admiral shares.
3. Charles Schwab Solo 401k
This is another discount brokerage that gives a model solo 401k plan for free. It continually improves its image and offers only a traditional 401k plan. However, unlike others, there are no fees to open and maintain the solo 401k.
4. E-Trade Solo 401k
This offers both Roth and Traditional Roth. The company also gives loans in its plan. E-Trade Solo also gives rollover, an enormous amount of no-fee mutual funds, and regular commissions.
5. Third Party Solo 401k
This can create your plan documentation for you; give you an alternative asset like tax linen, precious metals, promissory notes, real estate, etc. It also gives you a control check and choice brokerage. The Third-Party Solo 401k gives you benefits ahead of others.
Ultimately, you can start laying up your retirement with any of these best solo 401k providers.
I hope this article meets all your immediate needs.
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