I own a 3 dentist practice (2 full time associates). We have a Simple IRA at the office. Because of the number of employees and me being 38 it doesn't make sense to do a 401k with profit sharing. I have an opportunity to work as an independent contractor at a nursing home and am wondering if I can do a Solo401k with that money. This would be the only reason I would consider picking up a few days a month. Because of my practice it makes it hard to get anything into retirement accounts besides the little bit in the Simple IRA. My spouse has a 403b/457/hsa and a pension... and can do a backdoor Roth . We can save almost all of that income.
As a couple we are putting away about $65k. We got a late start investing since we have spent years investing in my practice. Any clever ideas? I'd like to be able to save as much as possible in retirement accounts. Our goal is to get above $100,000 annually by the time we turn 40..... thinking we may want to retire at 50 instead of 52.
Does being the sole owner of a large practice raise a flag on a Solo401k? Both jobs I'd be a practicing dentist.
As a couple we are putting away about $65k. We got a late start investing since we have spent years investing in my practice. Any clever ideas? I'd like to be able to save as much as possible in retirement accounts. Our goal is to get above $100,000 annually by the time we turn 40..... thinking we may want to retire at 50 instead of 52.
Does being the sole owner of a large practice raise a flag on a Solo401k? Both jobs I'd be a practicing dentist.
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