Here is how the SRS is computed for a retiree whose MRA is age 56 and who retires under FERS with 30 years of civilian service and an estimated age 62 Social Security benefit of $1200 a month. 1  The FERS service is divided by 40. 2  The age 62 Social Security benefit is multiplied by the fraction derived above.
The IRS allows you to combine money in a SEP IRA with money in a 401(k) plan, either by moving the SEP IRA money to the 401(k) or the 401(k) money to the SEP IRA.
Hence, it typically does not make much sense to have both a SEP IRA and a Solo 401(k) Plan since the Solo 401(k) Plan, also known an individual 401K offers the plan participants higher deferral options, plus additional features such as a $50,000 tax and penalty free loan.ith a Solo 401(k) Plan, that individual would be able to defer $22,500 as an employee deferral plus an additional 20% of his or her compensation, giving that individual approximately $42,500 for the year. More than double the amount of a SEP IRA.