If you are a contractor, what do you do for retirement savings? IRA?
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i work for myself and have a roth IRA as well as traditional. once i'm in a position to contribute more than the yearly max, I'll look into other options.
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@BandDmommy: you probably know even better than me given your background but I think your options will depend on if you are W2 or 1099
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@Truth Bombs: 1099
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@birdofafeather: I don't qualify for Roth.. I was wondering if anyone did SEP
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@BandDmommy: i did some ROTH and some traditional this year for tax purposes.
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@BandDmommy: So a SEP would be a great option for you, it will let you contribute more than a traditional IRA (the lesser of 25% of your income or 53,000) and you'll actually be able to deduct the contributions where you likely aren't eligible to deduct traditional IRA contributions because of the income level phase out.
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@Truth Bombs: that's what I was thinking.
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7 comments