Re:How to Find a Million-Dollar, One-Person Business Idea
by anon4lol on Monday October 29, 2018 @12:53PM
(#18328972)
> Retirement: Maxing a 401k and Roth Ira is $23,000/yr
A SEP will allow you to put way more away than that. Better would be a "back door Roth" and transition from SEP to Roth and pay the income tax out of pocket each year.
>Healthcare: Insurance for a family is about $600/month or
>$7,200/yr. Let's add another $500/yr in expected expenses
> and another $1000/yr in emergency savings. Total $8,700/yr
You can get a better deal if you go with a Health Savings Account (HSA) + HDHP. HSA funds, if you don't use them, turn into retirement funds.
A SEP will allow you to put way more away than that. Better would be a "back door Roth" and transition from SEP to Roth and pay the income tax out of pocket each year.
>Healthcare: Insurance for a family is about $600/month or >$7,200/yr. Let's add another $500/yr in expected expenses > and another $1000/yr in emergency savings. Total $8,700/yr
You can get a better deal if you go with a Health Savings Account (HSA) + HDHP. HSA funds, if you don't use them, turn into retirement funds.