I own a small business as well and just switched from a SIMPLE IRA to a 401k

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Jan 13, 2020
8:32:00am

PCCoug Contributor

I own a small business as well and just switched from a SIMPLE IRA to a 401k

through a company called 401Go. You can do a regular 401k or a safe harbor 401k. It only costs $9 per month per employee that chooses to participate. Great investment options with tons of Vanguard and Fidelity funds to choose from. They take care of everything else including the form 5500.

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PCCoug

Bio page: PCCoug
Joined: Aug 25, 2010
Last login: Apr 28, 2024
Total posts: 946 (3 FO)

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Messages

Author

Time

Any of you guys or gals using Variable (not Whole) Universal Life Ins as a part of your

unctoothman All-American

1/12/20 9:58pm

If you aren't pretty wealthy, it is a bad idea.

RexIdaCoug

1/12/20 10:01pm

I don't use it because in the accumulating years the average return of the stock market has vastly outperformed any

RdF3

1/12/20 10:01pm

this + RE returns. Not close in my experience.

mulletino

1/12/20 10:02pm

Don’t do it. Bad investment.

Mr. Belding

1/12/20 10:11pm

Get term life and invest the difference. You will come out ahead by a long shot.

PCCoug

1/12/20 10:19pm

If you need life insurance for life, and not a term, then ...

VegasCoug

1/12/20 10:21pm

I max out 401k and then do permanent life insurace mixed with term.

YSMACK

1/12/20 10:30pm

No IRA? HSA? Between just those three, you can invest some ~$50k / year.

ebv

1/13/20 5:57am

For HSA you need a qualifying HDHP in place. In PA for example there were a

Saxa

1/13/20 7:14am

Yes, of course. Ouch for PA.

ebv

1/13/20 8:10am

I'm not doing it for the life ins. That's a nice benefit, but the ultimate purpose

unctoothman

1/13/20 6:41am

I think properly planned Indexed Universal Life Insurance can be great in some

DogBoy

1/12/20 10:52pm

Variable means it can gain and lose money based on the investments in the policy

DogBoy

1/12/20 10:58pm

I've looked at the Equity Indexed UL policies as well. The floor is nice, but the

unctoothman

1/12/20 11:08pm

That's not the whole story. The one year term, large fees, e.t.c.

1/13/20 12:45am

It's the worst policy there is.

1/13/20 12:41am

This. Term life is the only way to go.

ebv

1/13/20 5:59am

Don’t do it. Just get her term.

cougfanz

1/13/20 2:48am

Thing is, I'm not doing it for the life insurance aspect. I'm doing it for the ability

unctoothman

1/13/20 6:40am

If you leave it in place for too long it will eat your investment and leave

1/13/20 7:11am

I own a small business as well and just switched from a SIMPLE IRA to a 401k

PCCoug

1/13/20 8:32am

Good to know. Thx.

unctoothman

1/13/20 10:38am

I’m an idiot with this stuff but everyone who I trust and listen to is against

cougfanz

1/13/20 8:38am

Not variable but indexed and whole life

Jersey hunter

1/13/20 7:42am

Keep in mind that with Whole Life heirs don't get to keep the

1/13/20 11:40am

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