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Right, and oftentimes (but not always, anymore) companies contribute to your 401k as well. Also, as a self-employed person you can contribute up to $55,000 in
by mancerayder 9y ago
Right, and oftentimes (but not always, anymore) companies contribute to your 401k as well.
Also, as a self-employed person you can contribute up to $55,000 in the year depending on your income, in what's called a SEP IRA.
- nly 9y agoThe SEP IRA sounds like the equivalent to a SIPP in the UK, basically a DIY pension, although there's no requirement on you having to be self-employed to get one.
- loeg 9y agoSelf-employed persons can also contribute to a Solo (or "Individual") 401(k), which has slightly more generous contribution limits as a percentage of self-employed income. And some W-2 employees can contribute up to $55,000 in their employer 401(k) as well via "after-tax" contributions.
- mancerayder 9y agoAnd some W-2 employees can contribute up to $55,000 in their employer 401(k) as well via "after-tax" contributions. Can you elaborate?
- loeg 9y agohttps://www.madfientist.com/after-tax-contributions/ https://www.madfientist.com/after-tax-contributions/