alwaysjammin
Dryer sheet wannabe
- Joined
- Oct 25, 2008
- Messages
- 20
Hi all! I recently stumbled on your forum and this is exactly what I have been looking for! A group of people as enthusiastic and dedicated to keeping our hard-earned money in our pockets to fund our golden years!
My stats: I'm a 28 y/o resident doctor who is finally able to do some moonlighting and I am trying to come up with options on how best to set aside my money for retirement. I live very simply and have no problem continuing this life style as i am single with no kiddos. My only goal right now is getting my retirement funded as quickly as possible with the ultimate goal having the option to retire by the time i'm 36 (a little far fetched, but hey, gotta dream!)
My resident wage is 45,000/year before taxes. After state/fed income tax and after my state-owned hospital takes out a DCP 7.5% of my monthly check, I am left w/ $3,000/month. Through this employer, I have the option to contribute to both a 403b plan and a 457b plan.
Now for my moonlighting:
Employee - I intermittently work for an outside hospital that I am employed with that takes taxes out of my paycheck. They have a 401k plan that i can contribute to as well. I don't know much about the plan at this point. I have grossed approximately 11,000, with a net of about $7500 this year so far.
Independent contracting - I am also an independent contractor for several different places. They pay me just a gross income so i am responsible for paying all the taxes including medicare and social sec. I hope to make around 2000-3000/month with a target in the coming months of $5000/month.
Questions:
1) Should I incorporate vs. staying an independent contractor?
2) Should I just max out the 403b and 457b through my residency program as I make enough on the side to cover my rent/bills? Or should I set up a solo-401k vs. SEP IRA?
3) Can I max out the 403b/457b plan and still be able to max out my own or my corporations 401K/Sep IRA?
4) Could we set up scenarios where an independent contractor is making say $300,000. How would you approach sheltering this money?
i have a ton of questions and have done a good deal of reading to attempt to educate myself. If somebody could tell me which thread to post to in the future, I would greatly appreciate it. I am totally open to talking via phone/email to anyone with any ideas or has learned through experience and is willing to help guide me. Just shoot me a private message/email. thanks!
A.J.
My stats: I'm a 28 y/o resident doctor who is finally able to do some moonlighting and I am trying to come up with options on how best to set aside my money for retirement. I live very simply and have no problem continuing this life style as i am single with no kiddos. My only goal right now is getting my retirement funded as quickly as possible with the ultimate goal having the option to retire by the time i'm 36 (a little far fetched, but hey, gotta dream!)
My resident wage is 45,000/year before taxes. After state/fed income tax and after my state-owned hospital takes out a DCP 7.5% of my monthly check, I am left w/ $3,000/month. Through this employer, I have the option to contribute to both a 403b plan and a 457b plan.
Now for my moonlighting:
Employee - I intermittently work for an outside hospital that I am employed with that takes taxes out of my paycheck. They have a 401k plan that i can contribute to as well. I don't know much about the plan at this point. I have grossed approximately 11,000, with a net of about $7500 this year so far.
Independent contracting - I am also an independent contractor for several different places. They pay me just a gross income so i am responsible for paying all the taxes including medicare and social sec. I hope to make around 2000-3000/month with a target in the coming months of $5000/month.
Questions:
1) Should I incorporate vs. staying an independent contractor?
2) Should I just max out the 403b and 457b through my residency program as I make enough on the side to cover my rent/bills? Or should I set up a solo-401k vs. SEP IRA?
3) Can I max out the 403b/457b plan and still be able to max out my own or my corporations 401K/Sep IRA?
4) Could we set up scenarios where an independent contractor is making say $300,000. How would you approach sheltering this money?
i have a ton of questions and have done a good deal of reading to attempt to educate myself. If somebody could tell me which thread to post to in the future, I would greatly appreciate it. I am totally open to talking via phone/email to anyone with any ideas or has learned through experience and is willing to help guide me. Just shoot me a private message/email. thanks!
A.J.