SEP IRA

Posts Tagged ‘sep ira maximum contribution’

Question: How can I retire early without cashing in IRA’s?

I’m 31, self employed and gross between $100,000 and $120,000 per year. My wife works part time and makes approx. $25,000 per year. I am starting a SEP IRA with annual contributions of 25% with 2 additional roth IRA’s for my wife and I making the maximum annual contributions. How can I retire early (How should I invest) so that I don’t need to draw on my IRA’s until 59 1/2?

Answer: Well, you are young and have time to invest aggressively and your should be aggressive.

Depending on the type of company you have (C corp, S corp, etc) there are other savings opportunities for you.

You should run a retirement calculation to get the amount you need to retire on and then calculate how much you need to save to get there.

Good luck.

Question: What is the maximum amount a person can contribute to a SEP-IRA each year?

Answer: So as not to confuse you anymore; go to www.irs.gov and download publication 590. It is very easy to read and understand and has all of the info that you need.

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