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Old 05-31-2014, 06:40 AM
 
5,640 posts, read 14,432,282 times
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Hi all,
I have a full time job that already contributes nicely to my retirement, but in order to keep my skills valuable in the marketplace, I've decided to open a side biz and pick up small jobs here and there. I made about 4k gross last year. I don't see myself making more than that this year and beyond because I've decided to focus more time on family. However, should I still open up an SEP IRA and contribute $$ towards my retirement? I read that you can only put in about 25% of the money. Is it worth it? I"m 33 years old.

Thanks all,
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Old 05-31-2014, 02:19 PM
 
Location: Paranoid State
13,046 posts, read 11,497,200 times
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I say go for it. Every penny you put into a SEP IRA is a penny you don't spend, and one that one day may allow you to retire early (as I did).

The only reason not to do so is if you have a specific savings goal such as a down payment on a house.
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Old 06-11-2014, 01:31 PM
 
1,807 posts, read 1,552,775 times
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What do you make at your current job? How is that likely to change over time? How much time are you putting in to run this side business?
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Old 07-13-2014, 08:09 PM
 
16 posts, read 36,696 times
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Try a 401k. Or a regular IRA. You may be able to contribute more. A lot depends on the type of plan you currently have at work, and your total income. But a SEP would be limited.
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Old 09-06-2014, 04:00 AM
 
Location: Purgatory
6,321 posts, read 5,195,485 times
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Saving is always worth it if the funds are not earmarked.
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