- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
After maxing out an SEP IRA and Roth IRA...
Posted on 7/30/15 at 1:49 pm
Posted on 7/30/15 at 1:49 pm
I am self employed and have maxed out these two accounts for the year. Both are with Vanguard, spread through a few different funds.
Where do I put further retirement savings? Can I just add them to the current accounts that I have, knowing that the additional money will not have a tax shelter, or do I need to create another account all together. Are there any other accounts that offer tax breaks for retirement savings that I should utilize?
Sorry if a stupid question.
Where do I put further retirement savings? Can I just add them to the current accounts that I have, knowing that the additional money will not have a tax shelter, or do I need to create another account all together. Are there any other accounts that offer tax breaks for retirement savings that I should utilize?
Sorry if a stupid question.
7
Posted on 7/30/15 at 1:53 pm to jsquardjj
frick dude, that's a lot of money saved. go to vagas and live at little, you know, hooker and blow and such
Posted on 7/30/15 at 1:57 pm to jsquardjj
You can contribute to a HSA.
Posted on 7/30/15 at 2:11 pm to jsquardjj
quote:
Can I just add them to the current accounts that I have, knowing that the additional money will not have a tax shelter, or do I need to create another account all together
If you're maxed out with these vehicles, I would consider other alternatives.
If you are really trying to keep your long-term tax liability down, I'd recommend tax free munis. If you want long-term capital appreciation, investment real estate is an excellent option.
Or, blue chip stocks with dividend reinvestment is another way to go - despite their tremendous salespeople's efforts - and their obvious long-term benefits, mutual funds are not the 'only' game in town.
This post was edited on 7/30/15 at 2:12 pm
Posted on 7/30/15 at 2:20 pm to Ace Midnight
You can also look in to using a solo 401(k) in the future instead of a SEP and you can put more away depending on income.
Posted on 7/30/15 at 6:37 pm to jsquardjj
Get a solo 401k.
You can put 18000 plus 20% of net profit
Fidelity runs mine.
You can put 18000 plus 20% of net profit
Fidelity runs mine.
Posted on 7/30/15 at 7:03 pm to makersmark1
I believe it's actually 25% of your salary that can by contributed by the company as a "match". In addition to the $18k.
Kicker is you can't have any employees.
Kicker is you can't have any employees.
Posted on 7/31/15 at 7:10 am to TigerDeBaiter
I think it is 25% of w-2 income and 20% of 1099 income.
Posted on 7/31/15 at 8:26 am to Janky
Gotcha.
Posted on 7/31/15 at 9:29 am to jsquardjj
Ace Midnight offered some good suggestions, although I do not understand the muni bond recommendation in today's climate.
This is a pretty good article from Schwab that discusses different strategies, particularly the use of tax-efficient investments in taxable accounts, and inefficient investments in qualified accounts.
LINK
Additionally, some of the automated investment services offer Tax Loss Harvesting that increases the tax efficiency in your taxable accounts. Check out Betterment.com or other services.
This is a pretty good article from Schwab that discusses different strategies, particularly the use of tax-efficient investments in taxable accounts, and inefficient investments in qualified accounts.
LINK
Additionally, some of the automated investment services offer Tax Loss Harvesting that increases the tax efficiency in your taxable accounts. Check out Betterment.com or other services.
Posted on 7/31/15 at 12:07 pm to jsquardjj
Check out the solo 401 and also the HSA. Both are solid.
If you're able to max all of those, then if you have kids maybe a tax-exempt education fund too.
But somewhere along the way you can do what I eventually did. I decided that if I'm saving that much money I can afford to spend anything above that amount on something frivolous. Hookers and blow, if you will.
If you're able to max all of those, then if you have kids maybe a tax-exempt education fund too.
But somewhere along the way you can do what I eventually did. I decided that if I'm saving that much money I can afford to spend anything above that amount on something frivolous. Hookers and blow, if you will.
Posted on 7/31/15 at 12:17 pm to TigerDeBaiter
quote:
I believe it's actually 25% of your salary that can by contributed by the company as a "match". In addition to the $18k.
I'm setting one up this week. You can go up to $53,000 max. Your "employee" contribution of $18k plus your company match 25% or $35k.
Which I had done this sooner, have been doing Roth for the last couple years when I should have been doing pre tax. But I just set up my S-Corp from having an LLC for the last few years so it's all coming together
Posted on 7/31/15 at 8:32 pm to Sho Nuff
I will also add to my previous ideas that tax advantaged accounts are great but once you get into retirement you want some non-qualified assets as well. That way you can draw some income that is income taxable and some that is capital gains taxable. You can always manage the taxable assets in a tax efficient manner. Plus if you need some cash for something quick before retirement it is there for you. You are already ahead of the game. Good luck.
Posted on 8/2/15 at 8:34 am to Janky
Who set your SEP and roth IRA up? I really need to jump on that asap.
Posted on 8/2/15 at 9:40 am to jsquardjj
Can you explain the sep?
Do you basically have to own your own business to open one?
Do you basically have to own your own business to open one?
Posted on 8/2/15 at 12:29 pm to HailToTheChiz
Any contract or 1099 income can be used for a SEP.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News