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Started By
Message
My pathetic and inadequate 17/18 year retirement window. Advice Welcomed.
Posted on 12/15/14 at 4:08 pm
Posted on 12/15/14 at 4:08 pm
Be gentle guys. Numbers ain't my thing.
I'm 48. Self employed. No debt. Wife stays at home. Great income (for me at least) with LOTS of business expenses keeping my net at tax-friendly level.The college funds are good to go. I'm properly insured. I will also have "renewals"/"residuals" into retirement that should make the rent and groceries. I also plan on working indefinitely with my client base and could see going into my 70's if I'm still enjoying it. And there is also SS, of course.*yeah right
For reasons too laborious and tedious to state here, I have been almost entirely liquid since early 2009. I've obviously missed a LOT of gains. I've made up a bit by earning a lot and saving a lot and paying down debt. I'm not in a bad position, but neither am I in a "smart" position.
Being self-employed I have about 3k a month that I could devote to retirement. Maybe even 4k. I'm considering just rolling over my existing Lincoln Financial IRA into a Vanguard IRA target fund with a 17/18 year window. I'm thinking the advantage of a Roth IRA is not really that great anymore at my age. I'm wondering what you smarter financial guys would do if you were in my shoes? And would you do it yourself, or get an advisor?
In short, what should a self-employed guy do with 3k/4k a month at age 48 to maximize retirement?
I'm 48. Self employed. No debt. Wife stays at home. Great income (for me at least) with LOTS of business expenses keeping my net at tax-friendly level.The college funds are good to go. I'm properly insured. I will also have "renewals"/"residuals" into retirement that should make the rent and groceries. I also plan on working indefinitely with my client base and could see going into my 70's if I'm still enjoying it. And there is also SS, of course.*yeah right
For reasons too laborious and tedious to state here, I have been almost entirely liquid since early 2009. I've obviously missed a LOT of gains. I've made up a bit by earning a lot and saving a lot and paying down debt. I'm not in a bad position, but neither am I in a "smart" position.
Being self-employed I have about 3k a month that I could devote to retirement. Maybe even 4k. I'm considering just rolling over my existing Lincoln Financial IRA into a Vanguard IRA target fund with a 17/18 year window. I'm thinking the advantage of a Roth IRA is not really that great anymore at my age. I'm wondering what you smarter financial guys would do if you were in my shoes? And would you do it yourself, or get an advisor?
In short, what should a self-employed guy do with 3k/4k a month at age 48 to maximize retirement?
Posted on 12/15/14 at 4:13 pm to Lsupimp
What is your current income?
How much do you currently have in retirement?
You say no debt, is your house paid for?
How much do you currently have in retirement?
You say no debt, is your house paid for?
Posted on 12/15/14 at 4:19 pm to Lsupimp
If you are looking for tax savings and retirement accounts, you can do a solo 401k and contribute soemthing like 20% of income + 18,000$ as a max.
Posted on 12/16/14 at 8:38 am to Lsupimp
I'll just post this for your review. The gist is roth accounts offer benefits even for older investors. Personally, I want as much tax free income as I can get.
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