Getting on Wife's 401k???

Hi, my wife and I are both employed full time at seperate companies and
have seperate medical and 401k plans. I'm considering starting my own
business from home, which means to get health benefits I'm assuming
just adding onto hers would be best. But what about 401k investing,
since I won't have one any more, is it possible to add on to hers at
all?

Maybe a dumb question but figured I should still make sure. I'm
assuming I can't, and that the best bet would be just to have her
completely max out her 401k (company 50% match up to 10%, 30% pay
deduction total limit), and then if she's short on spending money I can
always help there. Any feedback would be great! Thanks

Re: Getting on Wife's 401k???

Go to the Department of Labor and look up retirement plans for small
businesses.

SIMPLE, SEP, Solo 401k, Solo Defined Benefit plans and a host of others can
be used.


<> wrote in message
news:
> Hi, my wife and I are both employed full time at seperate companies and
> have seperate medical and 401k plans. I'm considering starting my own
> business from home, which means to get health benefits I'm assuming
> just adding onto hers would be best. But what about 401k investing,
> since I won't have one any more, is it possible to add on to hers at
> all?
>
> Maybe a dumb question but figured I should still make sure. I'm
> assuming I can't, and that the best bet would be just to have her
> completely max out her 401k (company 50% match up to 10%, 30% pay
> deduction total limit), and then if she's short on spending money I can
> always help there. Any feedback would be great! Thanks
>

Re: Getting on Wife's 401k???

In article <>,
wrote:

> Hi, my wife and I are both employed full time at seperate companies and
> have seperate medical and 401k plans. I'm considering starting my own
> business from home, which means to get health benefits I'm assuming
> just adding onto hers would be best. But what about 401k investing,
> since I won't have one any more, is it possible to add on to hers at
> all?

She can max out her 401K, but there is no concept of someone
else "getting on" or joining a 401K. It is an individual plan.
Most places will let someone contribute up to 15% of their
income.

> Maybe a dumb question but figured I should still make sure.

It isn't so much dumb from a financial standpoint, but it is
dumb from a business stand point. If you don't have any business
background or skills, then you at least need to hire those skills.
That is like saying that you want to do a little brain surgery,
but don't know how, so you want to know if you can use a hack
saw rather than a scalpel. If you want to have any chance at
all of making a profit in your business, you have to do a little
learning, or hire a great team. If you wing it, you will get
burned over the long run from things that you have no current
concept of.

-john-

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John A. Weeks III 952-432-2708
Newave Communications
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