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[quote=Anonymous][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]

Glad that helped. You can open a solo 401K at most brokerage houses these days. If you already have a relationship with one, call them. Once you open it, you can transfer all 401Ks and rollover IRAs into it so the money is all in one place. Here's an article on solo 4K providers - https://www.bankrate.com/retirement/best-brokerages-solo-401k/[/quote]

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