DH is writing a grant to get his biotech startup funded, and we basically get to decide our own pay and benefits, within reason. He wants to run a pretty lean company, and after talking with the board, it sounds like they're estimating somewhere around $75k for a salary + $16k for comparable benefits to his current postdoc (which includes good health insurance, AD&D, LTD, Term life, but no employer match for investing).
I've done all our finances since we got married 9 1/2 years ago, but nothing like this. Guys, I was feeling pretty sophisticated when I opened up a couple of roths earlier this year instead of using taxable accounts (!!). I do our taxes (with difficulty), but DH is hoping I can basically be our HR department. The thing is, I have no idea whether to set up a SEP-IRA or a SIMPLE-IRA or even how to do it. Would an employer match even make sense since we are paying ourselves essentially? I mean, how do I set up health insurance? (We've got 3 kids, so we need decent health insurance--the HSA we've had has been a pretty good deal).
Can I even do this? Should I even do this? Does anyone have an opinion about the line between salary and benefits? (more to salary or more to benefits?).
Thanks in advance.