quote:
Ace Midnight thanks, I made under $90k for the first 12 years I worked, what would happen if I had that plan and my income exceeded that threshold say this year?

Nothing. Income only affects your contribution limits.

Your money still can grow tax free regardless of how much money is made.

But that is mostly for an IRA FWIW.

You say you own 4 gas stations.

Are you self employed?

Then you can put aside a lot lot more (close to 40 k a year) through a SEP 401k.

LINK

This post was edited on 6/24/13 at 8:34 am

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Posted by Ace Midnight

Between sanity and madness

Member since Dec 2006

89613 posts

Posted on 6/24/13 at 8:36 am to Volvagia

quote:
Then you can put aside a lot lot more (close to 40 k a year) through a SEP 401k.

But, but really WTF is a guy doing operating 4 gas stations as a self-employed sole proprieter (none of my business Big Fella, but if you aren't operating each one as a separate LLC, I don't know who the heck is giving you legal and tax advice. The fact that you can gain the benefits of being an employee and, essentially dictate your own income is all laignappe).

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Posted by ThaBigFella

baton rouge

Member since Apr 2006

2043 posts

Posted on 6/24/13 at 8:37 am to Volvagia

The investment strategy is only bad if you can't see where the finish line is.

For me that finish line is when I can earn $100-$150K a year in dividends and stop working. I'll feel safe enough that coca cola,cigarettes, and other staples will be around and I can retire at that point

We each have our investing goals, I have mine, and the last 18 years I've been in these stocks have done nothing to sway me in another direction...

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