Author Topic: Retirement Savings Options  (Read 1073 times)

silence182

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Retirement Savings Options
« on: February 19, 2015, 12:53:40 PM »
I'm hoping that someone can give me advice about vehicles available to us for saving for retirement. Here's our situation:

- Mid 30s married couple with 2 kids
- My husband used to have a 401k with company match. As of 2014 he no longer worked for that company so we rolled it over into a Traditional IRA. I reinvested the money but have added nothing to the account since the rollover.
- We had been contributing to Roth IRAs (one for me and one for him) for the past 5 years or so, but I am pretty sure that our 2014 income exceeds the limit for being able to contribute.
- I work part time teaching with my employer contributing to a state pension. I believe I can also contribute more of my salary but haven't because we always had the 401k/Roth options and there isn't much choice with how the money can be invested through the NY state system. My income is a small portion of our household income...should I contribute a big chunk or all of it to this retirement system even if it isn't the greatest option?
- My husband does freelance web/programming work, sells apps, and therefore would be considered a freelancer/sole proprietor
- But my husband ALSO has a salaried position with a small iOS development firm that does not currently have a retirement plan available. They are planning to have one in the future. I thought they would have it set up by now (he's been with them for about 8 months), but we haven't heard any news of one starting up.

At this point I have just been setting aside a portion of our income in savings trying to figure out what to do. Now that it's tax time, I'm trying to figure out if there are any accounts we can qualify for that would give us some type of tax advantage. My mom mentioned a SEP IRA and that sounds like it could be an option for us.

I really appreciate any feedback or advice you could give. Thank you!

tarheeldan

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Re: Retirement Savings Options
« Reply #1 on: February 19, 2015, 01:35:35 PM »
Here are some options from the IRS:

http://www.irs.gov/Retirement-Plans/Retirement-Plans-for-Self-Employed-People

I know nothing about this, but if it's doable (eligible) solo 401k for husband might look good:
http://www.irs.gov/Retirement-Plans/One-Participant-401%28k%29-Plans