Greetings, Sabre, and welcome. You asked:<<I max out my SEP IRA every year..Can I still contribute to my IRA?Can I establish a ROTH IRA?Can my wife (she is unemployed) establish/contribute to an IRA? >>Yes, you may make a contribution to an IRA despite your SEP. That contribution may or may not be deductible based on your joint Adjusted Gross Income. If the AGI is more than $61K, it will not be deductible. If it's $51K or less, it will be fully deductible. Between those amounts, it's partially deductible. If not deductible, then almost assuredly a Roth IRA will be a better choice. You may use a Roth until your AGI reaches $160K.Your wife may make a fully deductible IRA contribution based on your earnings until your joint AGI reaches $150K. Between $150K and $160K, deductibility phases out. At more than $160K, she may still use a nondeductible traditional IRA.For full details on IRAs, see the IRA discussion in my Foolish Retirement Plan Primer at http://www.fool.com/Retirement/Retirement.htm and in our IRA area at http://www.fool.com/Money/AllAboutIRAs/AllAboutIRAs.htm.<<I do not like the fact that annuitys are taxed at the ordinary income rate, but I believe establishing one is a good idea nevertheless..is it? I am considering Vanguard...>>That's a decision for you to make based on your goals and desires. For a Foolish take on annuities, see my post on this board at http://boards.fool.com/registered/Message.asp?id=1040013002967001&sort=postdate.Regards..Pixy
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra