Reply to 401k plan is being terminated, what are my options

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My employer sponsored 401k is being terminated by my employer. I am 55 and my kids are almost out college. I had a plan to sock away the max from next year on and now I don’t know what to do. My Dh does have one as well and i was planning to max his too. What are my options? I am behind in savings for retirement due to many years as a 1099 and with small employers who did not match/contribute. [/quote]

If you guys are getting medical benefits through your husband's employer, ask yours if you can switch to a 1099. If that's approved, you can open a Solo 401K and rollover your current 401k into the Solo. After that you can contribute upto the max ($23K+$7.5k catchup) as the employee and another 25% of your salary less expenses (SS and other expenses) as the employer's profit share, upto a maximum of $76,500 per year.[/quote]
Now this the advice I was looking for, thank you! I do have a side business of 1099 work so it looks like I could do that option. No idea how to start but something to look into, thanks! [/quote]

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