I started my pediatric dental practice a little over two years ago and am curious about retirement accounts for my situation.
I have a SIMPLE IRA set up for my office (I have 5 employees). The SIMPLE IRA was recommended by my accountant. I contribute 13k and get a 3% match of my payroll salary. My wife also contributes 13k and gets a small match as we pay her about 14kish.
We contribute to an HSA each year and backdoor roth IRAs.
We've paid off most of my student loans, but have held off the last little due to the interest freeze.
A significant portion of my income comes from contract work with a public health clinic where I am a 1099 employee (Last year in my first full year is was ~66% and this year it will probably be ~50%). I don't plan to terminate this relationship in the future.
I wondered if my current setup is as good as it gets. I will have my debt paid off this year and am nowhere close to putting 20% of my income towards retirement with the pretax options I have. I don't mind putting a lot in a taxable account, but wondered/hoped I could put more away in a pretax accounts.
Any advice is helpful,
I have a SIMPLE IRA set up for my office (I have 5 employees). The SIMPLE IRA was recommended by my accountant. I contribute 13k and get a 3% match of my payroll salary. My wife also contributes 13k and gets a small match as we pay her about 14kish.
We contribute to an HSA each year and backdoor roth IRAs.
We've paid off most of my student loans, but have held off the last little due to the interest freeze.
A significant portion of my income comes from contract work with a public health clinic where I am a 1099 employee (Last year in my first full year is was ~66% and this year it will probably be ~50%). I don't plan to terminate this relationship in the future.
I wondered if my current setup is as good as it gets. I will have my debt paid off this year and am nowhere close to putting 20% of my income towards retirement with the pretax options I have. I don't mind putting a lot in a taxable account, but wondered/hoped I could put more away in a pretax accounts.
Any advice is helpful,
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