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What’s your net worth? 💰
Hi all.New to this bowl and very young so looking for some advice. I’m starting my first job post-grad in September of this year at $88k TC. My parents are 60 years old and don’t have any savings, been paycheck to paycheck since forever just so I have the opportunity to not be. The reality is I need to retire them in 5 years. Is it a bad idea to forgo my Roth IRA and 401K investments to save up cash to put into real estate? I need the quickest route to supplemental income. Am I thinking wrongly?
At what age are you planning to retire?
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Am at a AmLaw 100 and we pay all partners, whether equity or contract on a K-1 as well and agree it’s a killer
Same here. Everyone on k-1
I'm at AmLaw 100 and a couple years ago my firm moved away from K-1s to W-2 for non-equity partners for this reason. Base salary I understand went down though so I think it ended up being a wash for us.
The K-1 is normal for all partners, contract or not. The SALT deduction, IMO, is BS because it subsidizes high tax states.
and the federal government otherwise generally subsidizes low-tax states, which is also BS
Does that mean no SS retirement accumulating for years worked as a k1 partner?
Thanks for that info!!