retirement help

[snowslider 0]

So I decided that I need to start saving for my future, I'm just not sure what's out there for some one that is self-employed. I plan on putting $100-$200 away a month. Does anyone have any suggestions in this area?

[monkycndo 0]

Yes. Contribute it to the Monkeyboy Jump Fund. I guarantee it will go up in altitude.

50 donations so far. Give it a try.

You know you want to spank it
Jump an Infinity

[snowslider 0]

well it's already hard enough to knowingly take away from my jump fund.

[Bolas 5]

ROTH IRA - Learn it, use it, maximize it every year.

Stupidity if left untreated is self-correcting
If ya can't be good, look good, if that fails, make 'em laugh.

[monkycndo 0]

But see, mine sounds so much more official because it is capitalized.

50 donations so far. Give it a try.

You know you want to spank it
Jump an Infinity

[kelel01 1]

We'll start a Kelly IRA. You give it to me for a nominal (non-monetary) fee, and I'll put it into a CD for you.

Or you could get an IRA.

[snowslider 0]

I did some research and I'm ready to start making deposits in Kelly's IRA, just let me know when and where and I'll show you how much!!!

[snowslider 0]

doing research right now, thanks.

[happythoughts 0]

Get the advice of a good accountant.

Before you start saving, you need to have something to save. Being self-employed, you need to color within the lines carefully to save money. Plus, some of the options are different than for w-2 people.

[airtwardo 7]

So I decided that I need to start saving for my future

Good move, many are not so 'concerned' until it starts getting late.

I'm just not sure what's out there for some one that is self-employed.

If you are smart enough to see the need to start saving, you a definitely smart enough to research options that would fit your needs and situation...get to it!



I plan on putting $100-$200 away a month. Does anyone have any suggestions in this area?

Quick and easy would be an IRA, but again, do some research, in the beginning you may want to be a bit more speculative / aggressive with your investments in hope of a fast gain...later on 'guaranteed' growth is more comforting.

You 'seem' to be a younger guy, the 'rule of 7's' could work it's magic for you many times before you call in the spoils of you toil...good luck!

~ If you choke a Smurf, what color does it turn? ~

[snowslider 0]

Thanks Jim!

I'm honored to have your input. About a month ago I spent a couple days reading the "scary stories from the old days" thread and have since been a huge fan of yours. I'm not sure what the rule of 7's is but seven is my favorite/lucky number.

And if by "younger you mean a few years away from 30, you would be correct.

I've done alot of reading on 401 k's for the indviual, IRA's and Roth IRA's and Mutal Funds, I have decieded to seek expert advice. After reading Rich Dad Poor Dad, I concluded that you get what you pay for in certain field's of expertise.

[2fat2fly 0]

Quote

And if by "younger you mean a few years away from 30, you would be correct.

Younger to Jim means that you didn't serve with him during tha American Revolution.

I am not the man. But the man knows my name...and he's worried

[bodypilot90 0]

rulr of 72's is here

http://www.moneychimp.com/features/rule72.htm

The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into 72. For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.

[JohnnyD 0]

SEP
http://www.irs.gov/retirement/article/0,,id=111419,00.html#1

[airtwardo 7]

Quote

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And if by "younger you mean a few years away from 30, you would be correct.

Younger to Jim means that you didn't serve with him during tha American Revolution.

Hey Simba, there IS a difference between 'Saving' and 'Storing up Calories'!!

~ If you choke a Smurf, what color does it turn? ~

[Channman 2]

> I plan on putting $100-$200 away a month

Although many here have given good advice such as the Roth IRA and Traditional IRA's. I would advise you to consider the Simple IRA since you are self employeed.

Although you are only planning to save a maximum of $2,400 per year to start, the Simple IRA allows you to invest up to $10,000 of your gross compensation along with up to an additional 3% match from your company that you own.

So as your earning grows or if you have a very good year you can contribute much more to your SIMPLE than you could to an individual IRA/Roth.

The benefit is this when you start doing well. You can contribute $10,000 to your SIMPLE, Save an additional $4,000 in a Roth IRA, and if you are married with a non-working or working spouse an additional $4,000 in her Roth IRA.

That is $10,000 growing taxed deffered, and $8,000 dallors in an account that the earnings is growing tax free if you follow the IRS rules, long story but easy to look up or ask an investment advisor and they can direct you. The Rule of 72 is an excellent way to estimate your potential earnings over time.