Self-employed retirement plans — SEP IRAs, SIMPLE IRAs, and Solo 401(k)s — are one of the topics people ask me most frequently. Of the three, people ask most often about solo 401(k) plans because they have the highest contribution limits and the contribution limit can be complicated without a guide. Well, there’s good news. There is no an online calculator you can use to figure this all out.
Another aspect of these retirement plans, is that pretty much all of them with some exceptions, are worthy of gold investing.
- They have the highest contribution limits
- Calculating your contribution limit can be rather complicated
- There’s an online calculator to take some of the complexity out of the equation
- All three have the potential of investing in gold as a supplement
There are plenty of online contribution calculators of course, but many of them (e.g., Fidelity’s or Bankrate’s) provide the wrong answer in some cases. There are some calculators (e.g., Vanguard’s or TurboTax) that get the right answer reliably, but they offer no accompanying explanation of where the answer came from, so they have limited usefulness as learning tools.
Original Source: https://obliviousinvestor.com/new-calculator-solo-401k-contribution-limits/