- Joined
- Sep 17, 2009
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Now, I will be seeing an accountant but I would like to get a better grasp of my situation and be more informed when I do.
We are also new to an area and need to find someone good.
My group does not allow participation in the retirement benefit plan until after year three (I am in year one). The plan is a employer contribution-only plan that puts a percentage away.
Although a partner and can participate in the productivity and cash bonuses at year 2 and 3 respectively, I am a W2 during this time. So I have no retirement savings options currently and not a lot to help with taxes!
I plan on maxing out the IRA options of course with my spouse who has no income, but this is not much. I have a little in a 401K from previous job.
So I plan on doing IC freelance work near by (80 miles) but only have time for maybe 1-2 per month and not every month, so not a predictable stream of $$. Primary and locum gig in state without state income tax.
My plan is to use this locum job completely for retirement savings.
Considering I want to put all of this income possible into retirement accounts, and given it will not be a huge amount prob 2-4K/mo and more when able, it would seem I could put it all away but for taxes.
Does anyone else do this? I hate to work more but I also hate to loose out one savings too.
Looking it up (with the help of a calculator linked from whitecoatinvestor.com) it would seem I could shelter away nearly all of this $ with little tax (FICA?).
We are also new to an area and need to find someone good.
My group does not allow participation in the retirement benefit plan until after year three (I am in year one). The plan is a employer contribution-only plan that puts a percentage away.
Although a partner and can participate in the productivity and cash bonuses at year 2 and 3 respectively, I am a W2 during this time. So I have no retirement savings options currently and not a lot to help with taxes!
I plan on maxing out the IRA options of course with my spouse who has no income, but this is not much. I have a little in a 401K from previous job.
So I plan on doing IC freelance work near by (80 miles) but only have time for maybe 1-2 per month and not every month, so not a predictable stream of $$. Primary and locum gig in state without state income tax.
My plan is to use this locum job completely for retirement savings.
Considering I want to put all of this income possible into retirement accounts, and given it will not be a huge amount prob 2-4K/mo and more when able, it would seem I could put it all away but for taxes.
Does anyone else do this? I hate to work more but I also hate to loose out one savings too.
Looking it up (with the help of a calculator linked from whitecoatinvestor.com) it would seem I could shelter away nearly all of this $ with little tax (FICA?).