I'm retiring from the military after 20 years and moving on to a second career (still about 20 years from ultimate retirement), and looking for the best plan for accumulating retirement funds. I expect to have considerably more income than my current standard of living and would like to invest the maximum possible in IRAs and similar vehicles with tax advantages.
I am married (wife is not employed outside the home) and will have three sources of income next year: my primary job will be salaried at $90K/year including an employer-matched (to 6% of salary) 401K plan; I'll have a $60K/year self-employed consulting contract (potential for Keogh?), and I'll receive $40K/year military retirement pension (unearned income). The sum AGI puts me over the limit for contributing to Roth IRAs, but I'm confused as to whether the 401K, Traditional IRA (for self and wife), or a Keogh plan are better, or can be used simultaneously. Assuming lots of $$$ to invest, where should I throw my money?
2007-10-31
17:30:54
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3 answers
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asked by
Daniel W
2
in
Personal Finance