Search found 9 matches

by ricks1433
Thu Dec 16, 2021 11:12 pm
Forum: Personal Investments
Topic: Contributing to work 401k plus SEP IRA for self employment
Replies: 3
Views: 494

Contributing to work 401k plus SEP IRA for self employment

Hello fellow boggleheads,

Quick question but first some background. Currently I work on W2 as a salaried employee. This year I will max out the 401k with that employer at $19.5k. I also have a side consulting business where I will earn over $300k. For that side business I have a SEP IRA.

My question, what’s the max I can contribute to the SEP IRA? Can I contribute the max ($58k) to that one as well?

I was told by someone that these are treated separately and I can go max on both. Others have said you need to subtract the 401k from max sep Ira.

Who is correct here and what is the truth?
by ricks1433
Sat Oct 12, 2019 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: What’s the proper way to pay yourself in retirement?
Replies: 66
Views: 10443

Re: What’s the proper way to pay yourself in retirement?

Thank you to everyone for all the insightful answers! Will also take a look at the book recommendations! Appreciate it all! :sharebeer
by ricks1433
Fri Oct 11, 2019 4:57 am
Forum: Personal Finance (Not Investing)
Topic: What’s the proper way to pay yourself in retirement?
Replies: 66
Views: 10443

What’s the proper way to pay yourself in retirement?

Hi,

Once a person retires, what is the best way to pay yourself or ensure a constant stream of money? I read lots of articles on saving and building the nest egg but not many on what happens once you are retired.

Let’s say someone (a retiree) had a million dollars worth of ETF’s in a three portfolio approach. Would they just sell a little bit of stocks monthly or quarterly, or do something else? If so, I’m assuming you just somehow automate the sell orders? Is this what a service like Vanguard Personal Advisor provides for retirees?

I’ve been using Betterment for some deposits and I do see they have automated recurring withdrawals.

Anyhow, just wanted to understand it from the gurus here.
by ricks1433
Wed Oct 09, 2019 3:15 pm
Forum: Personal Investments
Topic: SEP is Maxed... Now what???
Replies: 9
Views: 968

Re: SEP is Maxed... Now what???

Thanks for all the questions. I’ve updated the original post with more details about me. Not familiar with backdoor Roth.
by ricks1433
Wed Oct 09, 2019 5:30 am
Forum: Personal Investments
Topic: SEP is Maxed... Now what???
Replies: 9
Views: 968

SEP is Maxed... Now what???

Age: 48 Business: Sole proprietor LLC with no employees Marital Status: Married State: CA Spouse is stay home mom but I could probably find her a job in the biz doing office work if needed for her 401k (if that’s an option?) ———————————————— Hi All, I'm a small business owner and this year has been fairly good for me. My SEP IRA is now maxed at $56K. I also put $7K into an HSA (will be using for retirement) and have been putting $2k per month into a taxable investment account (betterment). <--- yes I know it's probably not recommended here but I really like the autopilot of it. I've also been paying down my mortgage (current rate is 3.75%) with an extra $2K per month. At current pay-down rate it will be paid off in 12 years. On top of the a...
by ricks1433
Wed Oct 09, 2019 5:17 am
Forum: Personal Investments
Topic: Is this a good portfolio mix for a retiree?
Replies: 22
Views: 3596

Re: Is this a good portfolio mix for a retiree?

This site is awesome! Thank you all very much for the recommendations! :D :D :D
by ricks1433
Thu Sep 19, 2019 8:45 pm
Forum: Personal Investments
Topic: Is this a good portfolio mix for a retiree?
Replies: 22
Views: 3596

Re: Is this a good portfolio mix for a retiree?

Thanks. I updated the post a bit.
by ricks1433
Thu Sep 19, 2019 7:00 pm
Forum: Personal Investments
Topic: Is this a good portfolio mix for a retiree?
Replies: 22
Views: 3596

Is this a good portfolio mix for a retiree?

Hello, I'm looking for a simple 2-4 ETF Fund strategy for a retiree with cash sitting in the bank and currently not invested. Need something simple. Age: 67 and retired Funds: low seven figures all in cash now. Income: none Debt: none Six month emergency fund: already funded Here's where I plan on investing: VTI - 30%. - US TOTAL MARKET STOCKS ETF BND - 50%. - US TOTAL MARKET BONDS ETF VIG - 15% - Dividend Stocks ETF VXUS 5% - International Stocks ETF Is this a good approach or any better recommendations/strategy/mix? Need something fairly conservative but not too conservative. Maybe a 4 on 1-10 scale. Was going to take all cash (except for 6 months of emergency) and put into the above mix and then extract 4% annually (.0033 each month).