No. of Recommendations: 0
This year and next I will make more money, and would like to set it aside for retirement. I have two employees, starting next year they will have 3 years with me. I do not wish to contribute to their retirement. Can I set up a SEP or SIMPLE for this year only? I assume contributing to employees is required, right? Are there any other vehicles? I have a ROTH-IRA, but assume I can only contribute $5,000 each year (I'm 54). I have a small amount in the RothIRA, as I didn't get started saving for retirement until recently. I'd like to "Catch up." I have about $50K this year, and maybe $50K next year that I'd like to save for retirement. What is the best way?
thanks.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement