Hey all! 2015 was my first year that I was fully self-employed, and not just doing my business after my normal work hours.
I'm finishing up my personal taxes, and I thought I'd ask you guys what you are doing for retirement investing. I'm so used to a company having a 401(k) that I pay into, and not making any other decisions... I kinda don't know what I'm doing here
It looks like my options are SEP IRA, Individual 401(k), SIMPLE IRA.
I think SIMPLE IRA is out since I don't have any employees.
I also plan to make much more in the future than I made in 2015, so I'd like to pay taxes on my investment now, rather than when I pull it out... so, does the SEP IRA sound like the right idea?
Just wondering what other self-employed people have set up for themselves since this is my first time doing it.
My Goal: I'd like to end up with an account of 3mil so payments out of that can be $150k/yr if the interest rate is a measly 5%. To get there I'd like to add $800-1.4k every month.
Should that account I'm adding to be a retirement account, or should I just stop worrying about that and build up my war chest in a non-retirement account so I can live off of it if I reach my goal before 67?
Bonus question: If you use one, how did you find your financial advisor? (not financial planner)
I'm finishing up my personal taxes, and I thought I'd ask you guys what you are doing for retirement investing. I'm so used to a company having a 401(k) that I pay into, and not making any other decisions... I kinda don't know what I'm doing here
It looks like my options are SEP IRA, Individual 401(k), SIMPLE IRA.
I think SIMPLE IRA is out since I don't have any employees.
I also plan to make much more in the future than I made in 2015, so I'd like to pay taxes on my investment now, rather than when I pull it out... so, does the SEP IRA sound like the right idea?
Just wondering what other self-employed people have set up for themselves since this is my first time doing it.
My Goal: I'd like to end up with an account of 3mil so payments out of that can be $150k/yr if the interest rate is a measly 5%. To get there I'd like to add $800-1.4k every month.
Should that account I'm adding to be a retirement account, or should I just stop worrying about that and build up my war chest in a non-retirement account so I can live off of it if I reach my goal before 67?
Bonus question: If you use one, how did you find your financial advisor? (not financial planner)
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