I'm considering changing jobs.... and the new job does not offer a 401k or HSA. (Or health insurance, but I can get that through my husband.) The salary is almost exactly the same as I am currently making, but I'd be trading my benefits for a 15% decrease in hours, no late nights, and no weekends. (Going from a corporation to a family business.)
- I currently max my 401k, HSA, and my Roth IRA.
- We also save about $20k additional per year (currently paying for a new air conditioner this month, saving for some home repairs, saving for a new vehicle, and beefing up emergency fund... planning to start some taxable investments soon).
- We put about 10% of my husband's income into his retirement account.... but since his is a church pension plan, and therefore lacks a lot of the legal protections that go with other retirement plans, I don't want to increase that because the money could disappear.
So, what would I do without my 401k/HSA?
I know we need to open a Roth in my husband's name, so that will eat up a small amount of the money. But what else? Do I have to put it all in taxable investments? I make approximately $20k/yr in freelance income in addition to my 'day job'... I know that there are self-employment retirement plan options, any thoughts on those? I don't currently have my freelance work set up as a business (no LLC or whatever), so would I need to do that in order to take advantage of one of those plans and, if so, how do I start the ball rolling on doing that? I've tried reading various articles, but I think I need a "for dummies"-level brief overview to help the articles I'm reading fit into some sort of context that will make sense.
Any thoughts would be much appreciated! Thanks!