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32 Year Old wanting to work for myself after Military Retirement
Old 02-07-2015, 10:04 PM   #1
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32 Year Old wanting to work for myself after Military Retirement

Hello all, I've been reading on the forum for a while and decided to post. I just turned 32 years old and I'd like to quit the 8-5 stuff at age 40. I'll still work, just doing what I enjoy for myself.

I'm an active duty E-7 with 13 years in. I'm single (engaged to be married next year with no kids) We currently rent due to the fact I could move anytime. Zero debt, emergency fund good for 6-8 months.

Currently stationed in Arkansas but plan to live in Tennessee once I retire from the military. I'll be 38-40 when I retire from the military and draw an E-8 retirement which by today's dollars is right at $2200 a month. My situation is rather unique as I live on E-3 pay and have been since I was an E-3, the rest is stocked away. I have a side business where I sell ATV parts on my website and Ebay and also buy and sell vehicles that pays for our rent and most of our everyday living expenses.


Net worth is at $400,000 and have around $250,000 invested as follows and invest $37000 annually:


Asset allocation is 83/17
US 63%
Int 20%
Bonds17%


Taxable
Vanguard Total int VTIAX- $17600 (450 invested monthly)
Vanguard 500 VFIAX- $16000 (250 invested monthly)
Individual stocks $5500 (no monthly investment)
Liquid Savings/Emergency fund (drawing 1.25%) $10,000 (500 invested monthly)
($1200 Total montly investment)


Tax advantaged
Roth
Vanguard Total int VTIAX- $28800 (203 invested monthly)
Vanguard Total Stock market VTSAX- $27500 (258 invested monthly)
$5500 a year

TSP(traditional)
F fund $39700 (459 invested monthly)
S fund $27312 (251 invested monthly)
C fund $75000 (738 invested monthly)
$17,500 a year


Questions:

Am I on track to FIRE shortly after mil retirement? Fire Calc says 80% success rate but I'm not sure it's taking into account my military pension

I have an extra $5000 a year I can save now, should I just add this to taxable investments?

Going to a tax free combat zone this year and was pondering starting a Roth and maxing it out while over there.. Good idea or no?

What could I be doing better?

Thanks for looking and thanks for any help.
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Old 02-07-2015, 10:27 PM   #2
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Well, if you've been living off E3 pay for years, then you should be more than fine, right? Your pension will exceed the E3 pay alone. Add in your savings and investments, plus the fact that you plan on working at your own pace, and I'd say you are doing fantastic.

Do you expect your spending go up a lot after you're married?

Yes, Roth's are probably the best investment tool available. I think putting your tax free income into a R-IRA is like a trifecta (not taxed when you put it in, grows unencumbered by taxes, and then remains untaxed when you withdraw it). This sounds too good to be true, so you should verify this with a professional before acting on it.

Well done! You are way ahead of the game.
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Old 02-08-2015, 12:01 AM   #3
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Congratulations on all your success! I am an active duty E5 (promoting to E6 this year), with 11 years of service. I have about $175k of investable assets, but I did marry into a little bit of student loan debt 2 years ago.

Some things to think about:

- What kinds of assets/debts does your future spouse have?
- Are you planning on starting a family?
- Do you want to use your GI Bill, or will you transfer it?

- You can open up a "spousal" Roth IRA for extra investing
- I THINK you can go above TSP limits with combat pay
- I THINK your retirement pay at E8 would be a bit higher

Either way, I think you are on the right track. Best of luck!

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Old 02-08-2015, 06:06 AM   #4
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Welcome aboard. I am greatly impressed by your progress so far. At your age, my net worth was just about zero, if not negative. Keep up the good work.

If you've not already seen it, I recommend this book by one of our long-time members. The Military Guide to Financial Independence and Retirement: Doug Nordman: 9781570233197: Amazon.com: Books
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Old 02-08-2015, 07:08 AM   #5
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Kudos for living on E3 pay- and socking the rest away!


Yes, Roth IRAs are the way to go.


What could you be doing better? You are already way beyond most folks at your age. Pat your self on the back and remember to also enjoy the moment. Retirement will catch you soon enough
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Old 02-08-2015, 09:42 AM   #6
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Quote:
Originally Posted by Hardatit View Post
Questions:

Am I on track to FIRE shortly after mil retirement? Fire Calc says 80% success rate but I'm not sure it's taking into account my military pension
The biggest variable in this is something you haven't mentioned yet: your projected budget in retirement. What do you see as being your annual spending level, including income taxes? Note that many people have a much lower tax burden when retired due to capital gains/qualified dividiends...but a good chunk of your budget is funded by a military pension (I assume 100% taxable?). So to estimate taxes when retired, do a quick and dirty sample tax return with military pension and your estimated income. Will you still be doing your parts business? What % of your budget will that side business fund?

Quote:
Originally Posted by Hardatit View Post
I have an extra $5000 a year I can save now, should I just add this to taxable investments?

Going to a tax free combat zone this year and was pondering starting a Roth and maxing it out while over there.. Good idea or no?
This all depends on your current and estimated tax rates now vs when retired. When you are married, do you think you'll be filing married, or separately? There can be significant tax differences between the two. Will your spouse be working with a W2 job?

Also, I'm a big believer in diverisification. Tax policy WILL change in the future - but no one knows how it will change. Many people on the forum assume the ROTH will forever stay tax-free....but I always point to the fact that the gov't is DOUBLE TAXING up to 30% of your SS benefits if you have more than the $2x,xxx/year in income when collecting SS. If they can get away with double taxing SS, they can get away with double taxing a ROTH at some point.

But...you have a somewhat unique situation in retiring at 40, in that your military pension may not fully fund your living expenses. Which means you might need to tap a second source of funds, either taxable or ROTH. Also, you mention you will be in a tax-free combat zone. Im' unsure exactly what that covers, but given those two, I might lean towards putting your $5,500 in a ROTH, as well as perhaps all of your TSP into the TSP ROTH while you are in a combat zone (assuming it won't be for the next 8 years until retirement), since that will let you pull out up to your contributions prior to 59 1/2 if you need it if your taxable funds fall low.

Quote:
Originally Posted by Hardatit View Post
What could I be doing better?
What is your annual net profits after self-employment taxes on your ebay business? You can legitimately deduct various expenses if you are self-employed:

-home office (the IRS lets you use a simple $/sq ft allowance if you use part of your apartment/home substantially dedicated to your home business, if you want to avoid the headache of figuring out utilities/rent/taxes/insurance/etc.)
-various specific utilities (internet/cell phone/etc. - just be aware that the IRS says you have to have at least one phone number as your primary, non-business use, only a second number is allowed to qualify).

Also, with that side business, you can put away 20% of net profits into a SEP IRA, or part of your profits as "profit sharing" in a solo 401k. Since you are maxing out your TSP account, you can only use the 'profit sharing' provision of self employed people for your self-employed account. Get with a tax advisor for some guidance.

Other than that - you're in an exceptionally great spot, and are in great fiscal shape!
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Old 02-08-2015, 12:10 PM   #7
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At your age, and with a military retirement in the future plus SS, I personally wouldn't have that much of my TSP going to the F (bond) fund. Also, there is a strong likelihood that the military is soon going to be paying matching money to military TSP holders, at which point you might want to think about putting a bigger percentage of your contributions into the TSP.

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Old 02-08-2015, 06:43 PM   #8
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Quote:
Originally Posted by cooch96 View Post
Well, if you've been living off E3 pay for years, then you should be more than fine, right? Your pension will exceed the E3 pay alone. Add in your savings and investments, plus the fact that you plan on working at your own pace, and I'd say you are doing fantastic.

Do you expect your spending go up a lot after you're married?

Yes, Roth's are probably the best investment tool available. I think putting your tax free income into a R-IRA is like a trifecta (not taxed when you put it in, grows unencumbered by taxes, and then remains untaxed when you withdraw it). This sounds too good to be true, so you should verify this with a professional before acting on it.

Well done! You are way ahead of the game.
We plan on having the same spending habits when we get married. Let me clarify on the Roth. I thought the same thing, too good to be true but after further research it's in fact true.

Quote:
Originally Posted by Henman004 View Post
Congratulations on all your success! I am an active duty E5 (promoting to E6 this year), with 11 years of service. I have about $175k of investable assets, but I did marry into a little bit of student loan debt 2 years ago.

Some things to think about:

- What kinds of assets/debts does your future spouse have?
- Are you planning on starting a family?
- Do you want to use your GI Bill, or will you transfer it?

- You can open up a "spousal" Roth IRA for extra investing
- I THINK you can go above TSP limits with combat pay
- I THINK your retirement pay at E8 would be a bit higher

Either way, I think you are on the right track. Best of luck!

Sent from my HTC One using Early Retirement Forum mobile app
Thanks and congrats on the promotion!
My future spouse has a car payment around $13000 left as her only debt. She's reserve so she'll get her retirement at 62. She works and earns $25-30K a year average but that could change when we have kids 3-5 years down the road.
I plan on transferring my GI bill as I'll complete my B.S next year using TA. I don't plan on going any further with school besides the B.S. We won't be married until next year but then I plan on doing the spousal Roth.

You are right on the E-8 pay it is a little higher than that.

Quote:
Originally Posted by MooreBonds View Post
The biggest variable in this is something you haven't mentioned yet: your projected budget in retirement. What do you see as being your annual spending level, including income taxes? Note that many people have a much lower tax burden when retired due to capital gains/qualified dividiends...but a good chunk of your budget is funded by a military pension (I assume 100% taxable?). So to estimate taxes when retired, do a quick and dirty sample tax return with military pension and your estimated income. Will you still be doing your parts business? What % of your budget will that side business fund?



This all depends on your current and estimated tax rates now vs when retired. When you are married, do you think you'll be filing married, or separately? There can be significant tax differences between the two. Will your spouse be working with a W2 job?

Also, I'm a big believer in diverisification. Tax policy WILL change in the future - but no one knows how it will change. Many people on the forum assume the ROTH will forever stay tax-free....but I always point to the fact that the gov't is DOUBLE TAXING up to 30% of your SS benefits if you have more than the $2x,xxx/year in income when collecting SS. If they can get away with double taxing SS, they can get away with double taxing a ROTH at some point.

But...you have a somewhat unique situation in retiring at 40, in that your military pension may not fully fund your living expenses. Which means you might need to tap a second source of funds, either taxable or ROTH. Also, you mention you will be in a tax-free combat zone. Im' unsure exactly what that covers, but given those two, I might lean towards putting your $5,500 in a ROTH, as well as perhaps all of your TSP into the TSP ROTH while you are in a combat zone (assuming it won't be for the next 8 years until retirement), since that will let you pull out up to your contributions prior to 59 1/2 if you need it if your taxable funds fall low.



What is your annual net profits after self-employment taxes on your ebay business? You can legitimately deduct various expenses if you are self-employed:

-home office (the IRS lets you use a simple $/sq ft allowance if you use part of your apartment/home substantially dedicated to your home business, if you want to avoid the headache of figuring out utilities/rent/taxes/insurance/etc.)
-various specific utilities (internet/cell phone/etc. - just be aware that the IRS says you have to have at least one phone number as your primary, non-business use, only a second number is allowed to qualify).

Also, with that side business, you can put away 20% of net profits into a SEP IRA, or part of your profits as "profit sharing" in a solo 401k. Since you are maxing out your TSP account, you can only use the 'profit sharing' provision of self employed people for your self-employed account. Get with a tax advisor for some guidance.

Other than that - you're in an exceptionally great spot, and are in great fiscal shape!
Military retirement included I would say around 30-40,000 annually during retirement possibly less. Just a guesstimate. I believe military retirement in TN and a few other states is not taxable but I'm not 100%.


When we get married we'll more than likely file jointly and yes she works a W2 job. Actually she has three part time jobs and shes in the military reserves. She will retire out of the reserves and also draw a pension at 62. $1500-2000 monthly.

As far as the Roth I may have failed to mention that I already max out a traditional Roth IRA with Vanguard. I was questioning whether to hold my traditional TSP contributions until I get in the tax free zone and dump $18,000 in the TSP Roth. I believe you are saying this would be good to do if I am understanding correctly.

As far as the Ebay business, yes I'll still be doing the ebay/parts/side business. It brings around $20K annually as of now but hopefully that goes up as time goes on. I'll also be doing other side work and jobs I enjoy, buying selling vehicles, atv's boats that should bring $15-20K annually. Again just a guesstimate and would depend on how hard I work at it. I just sat down with an accountant this year to see what all I can deduct. I'm sure I missed out on alot last year. I've only been selling online for a short time so I'm still figuring it all out with taxes and such.

I will definitely look into the SEP IRA. I really appreciate you helping me out with this.


Quote:
Originally Posted by martyb View Post
At your age, and with a military retirement in the future plus SS, I personally wouldn't have that much of my TSP going to the F (bond) fund. Also, there is a strong likelihood that the military is soon going to be paying matching money to military TSP holders, at which point you might want to think about putting a bigger percentage of your contributions into the TSP.

Sent from my SAMSUNG-SM-G900A using Early Retirement Forum mobile app
That would be great if Uncle Sam would start matching military TSP. My bonds allocation to TSP F fund is 17% of my total portfolio and is the only bond fund I contribute to. Could you expand on why you believe I'm putting too much in bonds and what another option would be? Thanks
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Old 02-08-2015, 08:54 PM   #9
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Originally Posted by Lancelot View Post
Kudos for living on E3 pay- and socking the rest away!

...

You are already way beyond most folks at your age. Pat your self on the back and remember to also enjoy the moment. Retirement will catch you soon enough
+1
You are already way beyond many people far beyond your age. Impressive!
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Old 02-08-2015, 09:40 PM   #10
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Just wanted to add that your spouse's Reserve retirement will begin at age 60, not 62 as you mentioned. So, that's a little more gravy in your plan! I'm also a retired Reservist, but I'm 57 so not collecting yet.

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Old 02-09-2015, 10:50 AM   #11
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You are doing great and on the road to retirement without having to worry about building your nest egg. I, too, am in the military and fortunately started investing due to my NCO telling me to start investing. 18 years later and I far from worrying about my future. You have made great planning for your future.


For your TSP, I would move more into the C and S funds. Bonds are worthless and it's just like you are putting money into a bank savings account. Your TSP money you can't touch till you retire so let the money grow at a higher rate.
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Old 02-09-2015, 06:41 PM   #12
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Greetings, and thank you for your service. And congratulations on your living standard (Retired USCGR O-3 here, while on active duty I essentially lived on E-6 pay and "banked" the rest)


Personal opinion, if you know where you would like to retire, get rental real property there now. Get a good buyers agent, and property manager, and have them involved in the search/buying process, letting them know that place MIGHT be your retirement home.


The rental will provide tax deductions, while (hopefully) actually increasing in value.


Read up on "checkbook IRA" accounts… which can also use Traditional or ROTH IRA funds to purchase real estate, precious metals, a LOT of options beyond what is normally advertised, that you as the custodian hold in physical custody…


I was recently looking around at custodians. This one told me the "set up" fee for the account and LLC creation was $1399, with an annual fee of $200 in the first year, then $136 in following years.
http://www.irafinancialgroup.com/rothira.php
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Old 02-09-2015, 06:49 PM   #13
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Quote:
Originally Posted by martyb View Post
At your age, and with a military retirement in the future plus SS, I personally wouldn't have that much of my TSP going to the F (bond) fund. Also, there is a strong likelihood that the military is soon going to be paying matching money to military TSP holders, at which point you might want to think about putting a bigger percentage of your contributions into the TSP.
While this is likely, it probably isn't going to happen for those of us still under the present defined benefit program. I wouldn't get your hopes up or plan for it.

Otherwise, I'd agree with looking away from the F fund, but just in favor of the G fund. I also agree that the asset allocation is too conservative for someone with a healthy, COLA'ed pension coming, but YMMV.

Roth IRA definitely the way to go.

Didn't see it mentioned, but in order to obtain your E8 pension, you'll have to get paid as an E8 by 17 to qualify for high-3. You'll hit that point where you elect high-3 vs. Redux in two years. Pick High-3 (for the love of God!). May not be an issue as an E7 at 13, but worth mentioning and thinking about. Stuff happens!

Disclosure: 37-YO AD O4 @ 15+ YCS, DINK, 85/15 AA. Most of the 15% bond is G fund, equity is a mix of stock funds: C, S, I, VTSAX and VTIAX.
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Old 02-09-2015, 06:53 PM   #14
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You are doing great and on the road to retirement without having to worry about building your nest egg. I, too, am in the military and fortunately started investing due to my NCO telling me to start investing. 18 years later and I far from worrying about my future. You have made great planning for your future.
Thank goodness for NCOs like that who tell you to do smart things...
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Old 02-09-2015, 10:24 PM   #15
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Greetings, and thank you for your service. And congratulations on your living standard (Retired USCGR O-3 here, while on active duty I essentially lived on E-6 pay and "banked" the rest)


Personal opinion, if you know where you would like to retire, get rental real property there now. Get a good buyers agent, and property manager, and have them involved in the search/buying process, letting them know that place MIGHT be your retirement home.


The rental will provide tax deductions, while (hopefully) actually increasing in value.


Read up on "checkbook IRA" accounts… which can also use Traditional or ROTH IRA funds to purchase real estate, precious metals, a LOT of options beyond what is normally advertised, that you as the custodian hold in physical custody…


I was recently looking around at custodians. This one told me the "set up" fee for the account and LLC creation was $1399, with an annual fee of $200 in the first year, then $136 in following years.
http://www.irafinancialgroup.com/rothira.php
The set up fees seems kind of high. I always look for who offers the best value. I just moved my IRA to Provident. A self directed IRA gives you more flexibility with what you want to do with your retirement account. I just have a felling another market crash is right around the corner since financial institutions have not changed much. I'd hate to see another 5 figure loss like the last time.

https://trustprovident.com/self-directed-ira/
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Old 02-10-2015, 05:34 AM   #16
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Thank you for your service.

Obvious question - life insurance ? Once you marry and have a child, college savings should be a priority - even if you ultimately encourage them to also pursue military service and avail of GI bill, having some savings set aside for the kid is going to be important. That's all in the future of course but should be part of your scenario planning

Great job
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Old 02-10-2015, 06:26 PM   #17
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Just wanted to add that your spouse's Reserve retirement will begin at age 60, not 62 as you mentioned. So, that's a little more gravy in your plan! I'm also a retired Reservist, but I'm 57 so not collecting yet.

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Thanks for catching that, she just transferred from Active to Reserve so I'm still getting spun up on all the ins and outs of it.

Quote:
Originally Posted by nash031 View Post
While this is likely, it probably isn't going to happen for those of us still under the present defined benefit program. I wouldn't get your hopes up or plan for it.

Otherwise, I'd agree with looking away from the F fund, but just in favor of the G fund. I also agree that the asset allocation is too conservative for someone with a healthy, COLA'ed pension coming, but YMMV.

Roth IRA definitely the way to go.

Didn't see it mentioned, but in order to obtain your E8 pension, you'll have to get paid as an E8 by 17 to qualify for high-3. You'll hit that point where you elect high-3 vs. Redux in two years. Pick High-3 (for the love of God!). May not be an issue as an E7 at 13, but worth mentioning and thinking about. Stuff happens!

Disclosure: 37-YO AD O4 @ 15+ YCS, DINK, 85/15 AA. Most of the 15% bond is G fund, equity is a mix of stock funds: C, S, I, VTSAX and VTIAX.
Definitely taking the high three. I should be able to make it before 17 years in service but if not, I'm willing to do another year or two to get high 3. I'll put some though in adjusting my stock to bond ratios. Thanks for the suggestions.

Quote:
Originally Posted by papadad111 View Post
Thank you for your service.

Obvious question - life insurance ? Once you marry and have a child, college savings should be a priority - even if you ultimately encourage them to also pursue military service and avail of GI bill, having some savings set aside for the kid is going to be important. That's all in the future of course but should be part of your scenario planning

Great job
Good point thanks! I have SGLI now but have not put much thought into what I'll do for insurance after the service. Any suggestions? I do plan on transferring my GI Bill to the children but will also save some on the side as well when the time comes.

I ordered the book today, The Military Guide to Financial Independence and Retirement: Doug Nordman: 9781570233197: Amazon.com: Books

Thanks for the link Gumby.

I have been reading into the SEP IRA's which are new to me. I'm thinking this will be a good option to invest in. My other funds are with Vanguard so I'd want to stick with them.

Do you guys and gals have any other pointers regarding a SEP IRA for my situation?

I assume you can only fund it with business money?? So you'd have to wait to the end of the year to figure what 20% of your profits are to know how much you can contribute.. is this the way it should work?

Thanks for all the pointers!
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