Hello MMM Forum,
I'm a rookie here, the first post :)
I am self-employed and have been funding an IRA for the last couple of years which is $5,500 each for my wife & I. 2 Roths for my kids. $5,500 is too low & slow to make a dent to FIRE, looks like my options are SEP IRA or 401k only. The accountant is telling me the way we do taxes for my S-corp; the SEP is not a great idea, so the 401k looks best.
Here is my situation/question and would enjoy any advice:
I own a company that takes little time to run ( my wife and I are the only two employed ), so I don't see in the future ever retiring, but yet keeping an income that places me in a higher tax bracket for life.
1) Is placing our funds in this 401k Solo the best thing for tax reasons? Second, throw all extra money into a taxable Vanguard fund?
2) Let's say we hit our FIRE number, is your 401k Solo money stuck until 59 1/2 - I don't know enough of how to have this money to start working for you and taking it.
3) It looks like the Vanguard 401k solo does not allow admiral shares, would you still recommend them or somewhere else?
Thanks for your help, any advice on being Self-Employed to FIRE would be great!