Latest topics
» New moves for business 2019
by ACpower1 Tue Feb 19, 2019 12:48 am

» Government shutdown
by ACE Services Tue Jan 22, 2019 5:35 am

» Stepped back in time
by Mo Mon Jan 21, 2019 11:47 am

» .....Christmas ever
by Mo Mon Jan 21, 2019 11:46 am

» Roll call....
by Mo Mon Jan 21, 2019 11:40 am

» have you ever use dyson for cleaning ?
by milspec6 Mon Dec 17, 2018 10:22 pm

» Water Heater
by Mo Mon Dec 17, 2018 8:31 pm

» anyone have an idea of why...?
by milspec6 Fri Dec 07, 2018 11:03 pm

» I don't know squat
by Matt; My carpet cleaner Wed Dec 05, 2018 11:14 pm

» what would you charge
by Mo Sun Dec 02, 2018 8:01 am

» Frozen cleaning for practice
by milspec6 Wed Nov 21, 2018 9:33 pm

» for the Holidays........
by Matt; My carpet cleaner Tue Nov 20, 2018 9:20 pm

» Pricing....ouch
by milspec6 Sat Nov 17, 2018 8:37 pm

» Blsck friday/Cyber monday for business?
by Freemind1 Thu Nov 15, 2018 10:08 pm

» Dang HF......
by milspec6 Thu Nov 08, 2018 10:15 pm


SEP IRA who has one?

 :: Forums :: Off Topic

Go down

SEP IRA who has one?

Post by Freemind1 on Sat Nov 04, 2017 11:08 pm

I am thinking about an SEP IRA to invest into. Anyone else have one?

Maybe DP can chime in his thoughts.

So far I have money trickling into a 401K, a ROTH IRA, stocks, and cold hard cash for emergency funds. The SEP sounds like it gives me an immediate tax advantage to dump money there to shelter it from taxes today, with the same regs on it like a traditional IRA.

Freemind1
Senior Member
Senior Member

Posts : 1280
Join date : 2013-09-20

Back to top Go down

Re: SEP IRA who has one?

Post by milspec6 on Sun Nov 05, 2017 11:52 am

I have a mattress, so I can't help.
milspec6
milspec6
Moderator
Moderator

Posts : 10088
Join date : 2013-09-21
Location : Nebraska

http://castledefendersllc.com

Back to top Go down

Re: SEP IRA who has one?

Post by Freemind1 on Sun Nov 05, 2017 11:25 pm

A mattress is better than most people, who have ZERO in savings.

Freemind1
Senior Member
Senior Member

Posts : 1280
Join date : 2013-09-20

Back to top Go down

Re: SEP IRA who has one?

Post by milspec6 on Mon Nov 06, 2017 12:39 am

That is very true...and sad
milspec6
milspec6
Moderator
Moderator

Posts : 10088
Join date : 2013-09-21
Location : Nebraska

http://castledefendersllc.com

Back to top Go down

Re: SEP IRA who has one?

Post by dp1 on Mon Nov 06, 2017 9:06 pm

It sounds like you manage your finances well, so my suggestion is to max your Roth IRA if you haven’t done it, which I think $ 5,500 annually, if you have, the next one would be to maximize your SEP IRA, I think the cap is 18% if I’m not mistaken, between those 2 you would’ve been set if you consistently deposit the max amount allowed, especially if you still have additional $$ to be invested into 401k and other things.

Mattress is always good, just grab and go, don’t need to wait until the bank is open, lol.
dp1
dp1
Moderator
Moderator

Posts : 3966
Join date : 2013-09-19
Location : california

Back to top Go down

Re: SEP IRA who has one?

Post by Freemind1 on Mon Nov 06, 2017 10:14 pm

Actually, you can deposit up to 25% of your NET into a SEP IRA. My Roth isn't maxed, but I put 5% each into Roth and 401K. I'm also putting some money into stocks through RobinHood and am about to open an account with wealthfront.

RobinHood, wealthfront, and the SEP IRA would be funded with my business income.
The Roth and 401k are through my employer with 35% match at this point.

Freemind1
Senior Member
Senior Member

Posts : 1280
Join date : 2013-09-20

Back to top Go down

Re: SEP IRA who has one?

Post by Mo on Tue Nov 07, 2017 6:17 pm

I'll be living in a mobile home park when I retire sniff sniff. I cant believe it. I'll be turning 55 this weekend and I qualify to live a in a senior mobile home park, very tempting you...30 for the home 350 for the lot rent. I think I can swing that lot rent when I'm cleaning 1 house a week when I'm ninety


Last edited by Mo on Wed Nov 08, 2017 9:00 am; edited 1 time in total
Mo
Mo
Administrator
Administrator

Posts : 6662
Join date : 2013-09-19
Location : Arizona

http://www.thecleanerslounge.com

Back to top Go down

Re: SEP IRA who has one?

Post by milspec6 on Tue Nov 07, 2017 9:01 pm

You will be better than me Mo, I plan to live out of my van at this rate and I am only a few years behind you. Carpet cleaners and chimney sweeps should share the same union.
milspec6
milspec6
Moderator
Moderator

Posts : 10088
Join date : 2013-09-21
Location : Nebraska

http://castledefendersllc.com

Back to top Go down

Re: SEP IRA who has one?

Post by dp1 on Fri Nov 10, 2017 7:46 pm

James, I didn’t know you have a day job, the 18% I was referring is for self employed, for employee, you may be right at 25%, I haven’t pursue the career as much as I should, I passed the state exam but apparently I need to finish my online course which I haven’t done.
dp1
dp1
Moderator
Moderator

Posts : 3966
Join date : 2013-09-19
Location : california

Back to top Go down

Re: SEP IRA who has one?

Post by Sponsored content


Sponsored content


Back to top Go down

Back to top


 :: Forums :: Off Topic

 
Permissions in this forum:
You cannot reply to topics in this forum