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Self employed, need retirement

Posted on 12/19/12 at 7:49 am
Posted by HailToTheChiz
Back in Auburn
Member since Aug 2010
54887 posts
Posted on 12/19/12 at 7:49 am
best provider to use for 401k? or Roth?

I honestly don't know anything.
Posted by BestBanker
Member since Nov 2011
19524 posts
Posted on 12/19/12 at 2:59 pm to
couple of questions, if legitimately asking for information:

what is your line of work, seeing that you are self-employed?


why do you consider the use of a 401(k) and/or a Roth IRA for this first move?

Posted by tiger91
In my own little world
Member since Nov 2005
40238 posts
Posted on 12/19/12 at 4:41 pm to
Out of curiosity, what would YOU advice be? I ask because husband and I are both self employed (he's a farmer and I'm a dietitian).

We've got Roths, SEPS and 401k or is it b)??? Hubby handles that!
Posted by HailToTheChiz
Back in Auburn
Member since Aug 2010
54887 posts
Posted on 12/19/12 at 7:08 pm to
I guess a better question would be...

steps to take if your employer does not provide retirement
Posted by matthew25
Member since Jun 2012
9425 posts
Posted on 12/20/12 at 12:17 am to
What are the limits of contribution for self-employed? 20%?
Posted by dischNoutTAspd
Houston
Member since Nov 2009
909 posts
Posted on 12/20/12 at 2:37 am to
Pics of wife needed
Posted by BestBanker
Member since Nov 2011
19524 posts
Posted on 12/20/12 at 8:37 am to
Tiger91, it seems like you enjoy the pre-tax, qualified savings plans and the post tax plans as well, but all have the one common thread of being federal government tax laws, and not savings plans (ex. You put your money into a mutual fund that is surrounded by a SEP law).

A little bit of personal data is necessary to say one way is better than another.

I do not use qualified plans currently, and am self employed. And, I am the hubby.
Posted by BestBanker
Member since Nov 2011
19524 posts
Posted on 12/20/12 at 8:42 am to
What's your age? Are you married? Does your spouse work? Do you have children, and many other questions need answering before you get this one solved. What are your liquidity needs, both personally and business related, before consideration of locking up your cash til current law age of 59 1/2? Do you make so much earned income that you must defer taking it? How is your business structured (LLC, C-Corp, etc.)?
More is needed before the traditionally wrong answer is supplied. And I do mean this.
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