Hi everyone! Thanks for being such a welcoming community. Since this is such a smart, supportive group of people, I thought I would ask some questions that I've posted another place I frequent and didn't get much response. So here goes (cut and pasted directly from that other site, so if additional context is needed, let me know!):
Now that H is self employed, we need to reconfigure how we're saving for retirement.
I have a 403b and am currently contributing the max amount. In past years, I've done this pre-tax in order to keep our income under the MAGI threshold to qualify for ROTHs. I will keep contributing the max, but my first question is whether I should start contributing after tax (I can make changes at any time). Second question, if I change my 403b to a ROTH, can I still contribute $5,500 to a personal ROTH at Edward Jones or Charles Schwab?
As for H's retirement accounts, we've looked into a SEP IRA, which appear to have a limit of 25% of your income or $53,000, whichever is less. Can someone confirm whether that's pre-tax and will reflect on our MAGI? And if so, if he can have both this account AND a separate ROTH?
All of this said, we have zero clue what he's going to make this year, but we have decided that any income is first going to retirement and the leftover will go to payoff the house.
Thanks in advance!