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Solo 401(k) vs SEP IRA: An In-Depth Comparison for Self-Employed Retirement Planning

Solo 401(k) vs SEP IRA: An In-Depth Comparison for Self-Employed Retirement Planning

https://www.sofi.com/learn/content/solo-401k-vs-sep-ira/

…plus an additional catch-up contribution of $7,500 for those age 50 and older. In 2024, you can contribute up to $69,000, plus an extra catch-up contribution of $7,500 for those…


FDIC Insurance: What It Is And How It Works

FDIC Insurance: What It Is And How It Works

https://www.sofi.com/learn/content/what-is-fdic/

…account that has $200,000 in it and has accrued $20,000 in interest, you will be covered in the amount of $220,000. As mentioned above, there is a standard $250,000 cap…


Guide to Spousal IRAs

Guide to Spousal IRAs

https://www.sofi.com/learn/content/spousal-ira/

…if their MAGI is less than $230,000. •   They can contribute a partial amount if their income is between $230,000 and $240,000. •   If a couple’s income is $240,000 or…


What Is the Best Age to Retire for Longevity and Health?

What Is the Best Age to Retire for Longevity and Health?

https://www.sofi.com/learn/content/best-age-to-retire/

…the lifestyle you desire. One rule of thumb recommends saving around 10 times your pre-retirement salary and living on 80 percent of your pre-retirement income. So if you earn $150,000…


IRA Transfer vs Rollover: What's the Difference?

IRA Transfer vs Rollover

https://www.sofi.com/learn/content/ira-transfer-vs-rollover/

…on top of what they put into their 401(k) or other employer-sponsored retirement plan. In 2024, the contribution limit to an IRA is $7,000, or $8,000 for those 50 or…


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