Hello everyone. I'm new here. Looking for advice.I am a musician in a rock band. We have formed an LLC and we are given a monthly stipend (30k/yr). We operate mostly in the red, and only survive through investments from a wealthy relative of one of the band members.Anyway, because the LLC operates in the red, as my tax guy says, I don't owe any taxes on 4/15, and as such I have not paid social security taxes since 2005.Well, the love of my life has been getting on my case about the fact that I have no retirement set up at all.I have very little in my SS, I have no savings, no IRA, no anything. Just a checking account. I live paycheck to paycheck (my only source of money is that $30k/year stipend), and currently would be able to put away $100-$200 a month maybe. I am also looking into getting a side job to stash away even more money, but that's where I am currently.Take note I am also in my late 30's, and have less than $2000 in cc debt.Really looking for some beginner financial advice.1) Should I start putting money into social security? If so, how much and how do i do that?2) How should I plan for retirement otherwise? IRA? Savings? Mutual Funds? stock portfolio? gold?I will admit right up front I am a dummy when it comes to saving, so I will take all the financial advice you can throw at me.Thanks so much
Usually you don't get much of a choice as to whether you pay social security taxes. You either owe them, and pay, or don't owe them, and don't pay.If you can somehow structure your income and have a choice between owing them and not, choose not. Invest the money you would have otherwise paid as taxes in your own, private, retirement account.I would suggest putting into an IRA at Vanguard and investing in a target retirement fund, or total market index.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |