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Learning, Sharing, and Teaching => Investor Alley => Topic started by: MustardTiger on April 05, 2014, 08:05:56 PM

Title: Question about individual 401k's
Post by: MustardTiger on April 05, 2014, 08:05:56 PM

I am thinking of opening an i401k through vanguard soon.  My wife works as a massage therapist and this seems like the best choice.  I am a teacher but have been a professional poker player in the past and now do that as a side income.  I am also thinking of starting a part time tutoring business as well.

We have no retirement savings except for my teacher retirement.  I found MMM about 1 year ago and have since started aggressively paying down debt.  If I wanted to contribute from these 3 separate jobs would I have to open 3 separate accounts?  I have really gotten raped by taxes when I was only a poker player as I had very little deductible expenses and spent all that I earned.

Thanks for the help.

Title: Re: Question about individual 401k's
Post by: bacchi on April 06, 2014, 11:36:06 AM

You'll need one for yourself and one for your wife.

To use a single 401k, one of you has to be an employee of the other, making it a 401k with spousal contributions.