Freelance Retirement
- Started
- Last post
- 11 Responses
- seed
Is anyone here putting part of your freelance income into an SEP IRA or something similar?
- madirish0
"when i die, i want to die penniless, possension-less, dream-less, and be in debt for all of it to everyone i know...."
- Tim Leerey- isn't it "Leary"? or is this not the same guy.Meeklo
- That would be Dennis Leary you are thinking aboutdesignerror
- horton0
i'm spending every penny i make and banking on getting lucky famous...
... any day now.
... or at least before i die.
* crickets chirpin'
- how is that working out so far?cosmo
- apparently not well enough.dropclique
- if you want to get famous, just do something really bad - like bomb something. Can't fail.Antonelli
- woodyBatts0
Yes.
...and you should as well.
- kerus0
ive wondered this myself.. with possibly cutting loose on the horizon stuff like "401k" and "asthma meds" are painful mysteries
- johndiggity0
if you are self employed/an independent contractor (ie not paid by creative circle or aquent, etc...) you can open up a sep ira and i would contribute as much as you can to it. doing so will decrease your overall tax liability, therefor making the check you quarterly have to cut the ira smaller (and getting a refund as well).
just be sure you check the max contribution limit and the cut-off date to contribute. it's good to do if for nothing else than the tax break you'll get.
- typically they have a ceiling of $4kUSD , annuallymadirish
- mrbee28280
I'm saving in a small IRA right now as well as some stock and stuff.
- mtgentry0
Yeah, I started a SEP IRA a year ago. I opened it with schwab only because their site looked the best : )
- seed0
I am meeting with my accountant about setting one up next week. It sounds like he may recommend a Simple IRA instead. Hopefully I'll save on taxes and be able to use it as a college fund.
- Josev0
I have a ROTH IRA, which I believe you can borrow from without many of the penalties that other accounts have (I've never had to yet, so I could be wrong). But I read somewhere that it's the best "savings vehicle" for independent contractors.
- horton0
i have a high interest STFU account in which i deposit my monthly LOL's.
- tkmeister0
i have roth IRA and SEP. when i was getting 1099 tax form, i used to max out the limit. i save and invest pretty aggressively. you should get started sooner and later.