Hi everyone!
First and foremost, to anyone willing to read my post and provide insights or suggestions, I'd like to thank you in advance! This would mean a lot to me.
As the subject says, I am a 35 year old Full-time Freelancer/Self-Employed/Sole Proprietor taking first steps into planning retirement (its never too late to start investing, right?)
I spent weeks learning about what is IRA, the different types, but I have a really hard time deciding what could be a good option for me. So far this year, it looks like I can do Tra. IRA, Backdoor Roth IRA (earning more than limit), SEP IRA, or possibly Solo 401k.
After calculating my projected 2021 overall income (if I continue to freelance the way i am), by the end of the year, my tax bracket can end up being either on the 24% or 32% bracket (all pending on just $1000 range between the two). I don't have an LLC or S-Corp.
All IRAs and Solo 401k looks great, but it's tough for me to decide. Would I be able to do Tra. IRA and one of the others? Spent days reading and watching youtube videos, but with that much knowledge I gained I still have zero clarity on what I should do.
Some additional info:
I do plan on investing in crypto and stocks, but before I do that I want to make sure I nail my retirement plan first, which I think is more important.
I also plan on buying a house, though haven't made up my mind on what I'm looking for yet.
Quick background, I used to have a corporate job for years, and used to have matched 401k, through Fidelity (about just 20k). So I'm thinking of sticking with Fidelity when opening accounts.
Any suggestions or insights would be greatly appreciated!
Edit: I'm also located in NY. not sure if that makes a difference or not.
Submitted May 31, 2021 at 02:09AM by SpaceNoodles007 https://ift.tt/2R913lW
