Related Posts
Recently Store Managers have been offering me jobs from different locations but same company in my town. The company is T-Mobile. It’s going to be my first job. I have a couple questions for any former/current employees. Is it better to work for T-Mobile, metro by T-Mobile, or a third party T-Mobile? Any difference in benefits or wage? Thanks
More Posts
Is Belvedere Park becoming gentrified?
Additional Posts in Personal Investment Chatter
Where do you go for stock market news?
New to Fishbowl?
unlock all discussions on Fishbowl.
Pro
You don't need to open a company and contribute to a 401k. You can just contribute to an IRA
Pro
Nevermind, I see what you're trying to do.
Can you do a self employed 401k?
https://www.fidelity.com/learning-center/personal-finance/retirement/self-employed-401k
Pro
Good call. Haven’t looked into that yet!
Heard of a retired contractor who had hired his wife under his companies name, paid her a hefty salary and benefits etc. idk if they ever actually did business under the company but I imagine profits weren’t the point.
Pro
Yeah, have actually done that in the past...and my mom when she was unemployed—but don’t have those options now. We’re a 2 person working household & have got to find some options for retirement/tax benefit. Getting slaughtered.
I don’t see why not, but I’m not an expert in this area. Also, conventional wisdom is that an SEP IRA is easier to administer than an SEP 401k.
Pro
Yes. I have a SEP. problem Is that a SEP is based on income—so I can only have an employer contribution of 25%. To get any real numbers I’d have to put myself on a super high salary. I think with 401K its not tied to income amount—just a max benefit. So I could earn minimum wage even and end up with 57K pretax contribution total.
Trying to figure out if I’m missing anything. My CPA sucks.