Home > Tag Archives: retirement contributions

Tag Archives: retirement contributions

Ideas About Self Employment

self employment ideas

Self employment is a dream for me because I can choose when and how much I want to work. It also has it’s downsides as well. Here are my ideas on self employment. Retirement Contributions Con-Even though I have been essentially self employed for years, I had someone who kept up with deposits, bills, payroll deductions and taxes,  book work and issued a paycheck to me twice a month. I could set up how much to contribute to retirement and not really have to think about it other than to rebalance from time to time. Now, I have a solo 401k, and I am solely responsible for funding it. Yes, I can set up recurring contributions, but the money still goes into my account before I can send it on. It is sometimes really hard to pull the trigger and let that money go. It’s much easier when it comes out of your paycheck and you never see it. I also don’t get any company match. Pro– The overwhelmingly positive thing about having a solo 401k is that I can not only contribute the full $17,500 employee contribution, I can also put in 25% of the net profits from my ...

Read More »