I run a 1099 contracting business in which I’m taxed as an S Corp. I pay myself payroll as a W2. The only account that I am currently saving in for retirement is my SEP-IRA with VANGUARD. Due to my W2 wage amount I am only able to save 25%(?) of that or around $21000 per year in my SEP-IRA. I want to invest more for retirement. What other retirement accounts are available to me in this situation? I earn too much to qualify for a Roth IRA option.
Just for a little background. I’m 40 and my wife and I currently have around $400k in our retirement accounts from previous W2 and 1099 positions over the last 15 years of work. My wife is in the same line of business and also has the same business set up but is working much less than me so we can homeschool our 4 kiddos. We have not set up her SEP IRA as we would be able to save $10000 or less in her account. Also her business structure may change to a normal LLC this year so I don’t think SEP is the way to go. Any advice is welcome! Thanks!
Just for a little background. I’m 40 and my wife and I currently have around $400k in our retirement accounts from previous W2 and 1099 positions over the last 15 years of work. My wife is in the same line of business and also has the same business set up but is working much less than me so we can homeschool our 4 kiddos. We have not set up her SEP IRA as we would be able to save $10000 or less in her account. Also her business structure may change to a normal LLC this year so I don’t think SEP is the way to go. Any advice is welcome! Thanks!
Statistics: Posted by gasman84 — Wed Jul 17, 2024 8:02 pm — Replies 0 — Views 107