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What are my retirement investment options?

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My AGI is around $180K.  My wife has a company sponsored retirement plan through her employer.

I am an co-owner of a small business, set up as an LLC, we don't have a 401k or other retirement plan in place for our company.

The owners have individual LLC's that are listed as the owner's of the small business.  My wife and I are the owners on my LLC.

Am I able to set up a self employed 401k or something similar on my personal LLC, without setting one up on our main small business LLC?

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rated:
HooDoo23 said:   My wife has a company sponsored retirement plan through her employer.

My wife and I are the owners on my LLC.


Since your wife has a job covered by unemployment, and you can't predict the future, if your wife should ever lose her job, being on the LLC could cost your household the value of her UI claim. Depending on the state, and the potential value, you should think about getting her off that LLC.

rated:
https://www.fidelity.com/viewpoints/retirement-plan-small-busine...

Here's a really good primer on retirement options for small businesses. I've referred a couple folks to it in the past with both appreciating the background. Highly recommend you speak with a tax/financial adviser for your specific situation to see which is most advantageous.

rated:
Chyvan said:   
HooDoo23 said:   My wife has a company sponsored retirement plan through her employer.

My wife and I are the owners on my LLC.


Since your wife has a job covered by unemployment, and you can't predict the future, if your wife should ever lose her job, being on the LLC could cost your household the value of her UI claim. Depending on the state, and the potential value, you should think about getting her off that LLC.

  
Not sure why this guy is getting red. while not pertinent to the question asked, this is good advice. One of my friends got burned just because he was the coowner on his wife's business. 

rated:
Thank you. That's why I told him. People are so ignorant about UI benefits and lose thousands. While isolated, it's usually a devastating event at a time when someone is at their lowest.

rated:
Chyvan said:   
HooDoo23 said:   My wife has a company sponsored retirement plan through her employer.

My wife and I are the owners on my LLC.


Since your wife has a job covered by unemployment, and you can't predict the future, if your wife should ever lose her job, being on the LLC could cost your household the value of her UI claim. Depending on the state, and the potential value, you should think about getting her off that LLC.

  
Not sure this is correct assumption. If she is receiving pass through distribution from LLC and not any paycheck, why would it impact UI claim? If she is getting paycheck from LLC, then your understanding may be correct. 

rated:
https://www.forbes.com/sites/ashleaebeling/2013/02/13/how-entrep...

One of the best written article with different options.

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CollegeSavings said:   Not sure this is correct assumption. If she is receiving pass through distribution from LLC and not any paycheck, why would it impact UI claim? If she is getting paycheck from LLC, then your understanding may be correct. 

It has to do with the appearance of self employment or being a corporate officer. She doesn't have to be making any money at all. The whole concept is that she would be in a position to fire herself. That's why she needs to be off the business now because if it becomes an issue later, it's too late.
  

rated:
Chyvan said:   
CollegeSavings said:   Not sure this is correct assumption. If she is receiving pass through distribution from LLC and not any paycheck, why would it impact UI claim? If she is getting paycheck from LLC, then your understanding may be correct. 

It has to do with the appearance of self employment or being a corporate officer. She doesn't have to be making any money at all. The whole concept is that she would be in a position to fire herself. That's why she needs to be off the business now because if it becomes an issue later, it's too late.
  

  At least in Pennsylvania, unemployment wouldn't be affected for "sideline businesses" where the engagement level doesn't change during the period of covered unemployment. However, the income would reduce the weekly benefit once it exceeds $100 or $120 per week.

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