Roth Iras, Simple IRA, now taxable or what else?
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Roth Iras, Simple IRA, now taxable or what else?
Hi all, I'm a small business owner that has a company sponsored simple ira plan which I max out each year. My wife and I also max out our Roth iras each year. I have a taxable account available but I wasn't sure if I need to throw money at it or another vehicle.
As a small business owner I'm curious if there is a better tax-advantaged option other than the taxable? Thoughts?
Thanks,
As a small business owner I'm curious if there is a better tax-advantaged option other than the taxable? Thoughts?
Thanks,
Re: Roth Iras, Simple IRA, now taxable or what else?
A Solo 401(k) plan has a higher contribution limit than a SIMPLE.
Re: Roth Iras, Simple IRA, now taxable or what else?
An HSA if available can be used for long-term investing. Series I-bonds are tax-deferred and can serve as inflation-protected bonds or an emergency fund.
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Re: Roth Iras, Simple IRA, now taxable or what else?
Thanks, I read up on that but it sounds like if I have employees other than my spouse I can't utilize it, am I reading that right? I have 5 employees.FiveK wrote: ↑Sun Jun 20, 2021 11:04 pm A Solo 401(k) plan has a higher contribution limit than a SIMPLE.
Re: Roth Iras, Simple IRA, now taxable or what else?
401k for each of you. But you first need to understand the rules.positivereturn wrote: ↑Mon Jun 21, 2021 5:31 amThanks, I read up on that but it sounds like if I have employees other than my spouse I can't utilize it, am I reading that right? I have 5 employees.FiveK wrote: ↑Sun Jun 20, 2021 11:04 pm A Solo 401(k) plan has a higher contribution limit than a SIMPLE.
Re: Roth Iras, Simple IRA, now taxable or what else?
If you need to cover your employees too, you could consider a 401k. You might have to shop around for a plan that is low cost enough to compete with your SIMPLE IRA.positivereturn wrote: ↑Mon Jun 21, 2021 5:31 amThanks, I read up on that but it sounds like if I have employees other than my spouse I can't utilize it, am I reading that right? I have 5 employees.FiveK wrote: ↑Sun Jun 20, 2021 11:04 pm A Solo 401(k) plan has a higher contribution limit than a SIMPLE.
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Re: Roth Iras, Simple IRA, now taxable or what else?
Thanks, as simple as the SIMPLE is, I may just stay put and go with ITOT in the brokerage.retiredjg wrote: ↑Mon Jun 21, 2021 6:52 amIf you need to cover your employees too, you could consider a 401k. You might have to shop around for a plan that is low cost enough to compete with your SIMPLE IRA.positivereturn wrote: ↑Mon Jun 21, 2021 5:31 amThanks, I read up on that but it sounds like if I have employees other than my spouse I can't utilize it, am I reading that right? I have 5 employees.FiveK wrote: ↑Sun Jun 20, 2021 11:04 pm A Solo 401(k) plan has a higher contribution limit than a SIMPLE.
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- Posts: 44
- Joined: Sat Aug 03, 2019 3:22 pm
Re: Roth Iras, Simple IRA, now taxable or what else?
Is Health savings account - Bogleheads what you seek?
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- Posts: 44
- Joined: Sat Aug 03, 2019 3:22 pm
Re: Roth Iras, Simple IRA, now taxable or what else?
My family and I are enrolled in a health cost sharing provider. I can't determine if this is considered high deductible or if it meets the criteria based on the provided article?
Re: Roth Iras, Simple IRA, now taxable or what else?
You could ask the provider, who ought to know.
See High deductible health plan - Bogleheads and IRS PUb. 969 for more details.
See High deductible health plan - Bogleheads and IRS PUb. 969 for more details.