npaden
Well-known member
I’m not sure on that. I don’t do much with SEP plans. It doesn’t sound like it though.
Future of 401ks
- Thread starter SAJ-99
- Start date
npaden
Well-known member
Like anything on the internet everything you read needs to be vetted, but I personally have received some excellent financial advice on this forum.
I think there are lots of guys on here who are top grade folks in whatever profession they chose. I’ve been amazed at the mechanical advice, construction advice, legal input, and a host of other things.
You might need to hang around for a decade or so to decide which people to listen to, but I would put the collective wisdom of HuntTalk posters pretty high up there as far as Internet forums go.
ashersdad
Well-known member
Thank you. This sounds like it's referring to both SEP and 401k being offered by the same company. It was my understanding you could work for a company as a W2 employee and max out their 401k and then if you have a separate business (sole-proprietor) on the side (that has no legal overlap or affiliated relationship) you could also max out a SEP IRA if you have enough income. I have a TPA friend I'll run it by. Thanks for your help.
I had a wealth management firm send me this a couple years ago when I had questions on the subject.
Can I Contribute To Two Retirement Plans If I Work Two Jobs?
Wondering if you can contribute to two retirement plans with two jobs? Learn the rules & strategies to maximize your savings from Windgate Wealth Management!
windgatewealth.com
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Pucky Freak
Well-known member
supporting HT members
As things get more and more crazy with more and more scammers I thought it would be nice to have a thread ( maybe there has been on in the past) of our trades. I find all members and especially Well- Known members to be honest hard working regular people. I am sure there are some good "new"...
www.hunttalk.com
Here’s just a small sample of experts on HT.
I’ve got good advice on construction, electrical work, auto mechanics, taxes, and a host of other topics from experts on this forum. I don’t know of a more diverse source of good info anywhere.
npaden
Well-known member
Thank you. This sounds like it's referring to both SEP and 401k being offered by the same company. It was my understanding you could work for a company as a W2 employee and max out their 401k and then if you have a separate business (sole-proprietor) on the side (that has no legal overlap or affiliated relationship) you could also max out a SEP IRA if you have enough income. I have a TPA friend I'll run it by. Thanks for your help.
I had a wealth management firm send me this a couple years ago when I had questions on the subject.
Can I Contribute To Two Retirement Plans If I Work Two Jobs?
Wondering if you can contribute to two retirement plans with two jobs? Learn the rules & strategies to maximize your savings from Windgate Wealth Management!
I know that you can't contribute double to a 401k if you are working for a different company. That is pretty clear.
I just don't have much experience with the SEP plans since they don't need an audit and I'm an auditor and not a tax guy.
Here's what I found google searching.
From this link - https://www.dol.gov/agencies/ebsa/a...ons/sep-retirement-plans-for-small-businesses
jryoung
Well-known member
I would go to you for a false analogy.
npaden
Well-known member
That thread is a good idea, just easy to get sidetracked and folks are generally not going to toot their own horn about what they are experts in. Or don't want to so they get bombarded with people asking them for advice. It's fun to give advice in something you know a lot about but I wouldn't want to get everyone asking me questions. I've joked before that people pay me to give an opinion which is exactly what I do as a financial statement auditor. Give them an opinion on whether the financial statements are materially correct or not.supporting HT members
As things get more and more crazy with more and more scammers I thought it would be nice to have a thread ( maybe there has been on in the past) of our trades. I find all members and especially Well- Known members to be honest hard working regular people. I am sure there are some good "new"...
Here’s just a small sample of experts on HT.
I’ve got good advice on construction, electrical work, auto mechanics, taxes, and a host of other topics from experts on this forum. I don’t know of a more diverse source of good info anywhere.
I remember that thread and seeing @TOGIE saying that he knows Colorado water rights and have thought about reaching out to him with some questions on my property in Colorado. I read enough to know that the water rights are insane in that state and I may want to claim ignorance if something ever comes up. I looked into something as simple as setting up some water guzzlers for wildlife and that actually seems like it may not be legal in Colorado if you use larger than 2 - 55 gallon barrels as a catchment device. And they were really proud of getting that law passed recently to actually allow you to catch 2 - 55 buckets worth of runoff.
npaden
Well-known member
Not a problem. I'm at work this morning distracting myself from doing some work that I really need to do.
Also, don't take my word for it on this. I know enough to be dangerous on the SEP plans. There could be a loophole somewhere that allows it.
and to think that rain barrel catchment legalization is less than 10 years old. crazy. but the hurdles it faced in the legislature were significant and for good reasons when you really boil it all down.
but... what the water commissioner don't know don't hurt em
npaden
Well-known member
To go completely off tangent and down the rabbit hole...and to think that rain barrel catchment legalization is less than 10 years old. crazy. but the hurdles it faced in the legislature were significant and for good reasons when you really boil it all down.
but... what the water commissioner don't know don't hurt em
So if you have 35+ acres you can legally drill a well. That's why they have all these parcels broken up into 36 to 40 acre tracts.
If you have a well you can legally catch more than the 110 gallons of rainwater. (I think).
So if you own 35+ acres but don't have a well, can you legally catch more than 110 gallons of rainwater?
Or is that a whole can of worms?
Bit of a can of worms.
It has to come off a roof top no matter what and you’re right it hinges on exempt well permits which 35 acres is a magic number there and it has to be used for the same uses identified in the permit. Exempts are usually domestic and domestic usually means household and lawn irrigation uses
Start here
Rainwater Collection in Colorado | Colorado State University Extension
Rainwater collection is legal in Colorado when done appropriately, and can be a useful tool for managing resources on your property.
extension.colostate.edu
I can try to provide more info once this lil bugger of mine is napping
re reading this this morning, after basically not actually reading it last time.
35 acres is basically only a magic number on the uses allowed under an exempt well. exceeding 35 brings in uses like livestock watering, but i believe the flow rate is capped at 15 gpm no matter what. under 35 gets you an exempt well but only for household uses.
so i believe yes you can catch more than 110 on an exempt well, i'd need to re research that, or maybe it's only more than 110 on a >35 acre permit, but i believe no matter what it has to come off a rooftop and i'm not sure you've built on your property right?
so the crux of the matter is, you only need to qualify for an exempt well for the rain barrel catchment (and this was actually made legal in '09 i believe, and then traditional suburban household catchment became legal in '16) and do not need actually drill a well, but without a roof to catch the rain it's not legal, i'm pretty sure.
npaden
Well-known member
Just wanted to circle back and thank @SAJ-99 for starting this thread.I try not to post things in haste, but this idea seems to have gained traction on both sides lately. A couple of links below for those that want to dive deeper (The Bloomberg Opinion might have paywall, although I tried gift it). I generally think this is a bad idea.
In summary, one side wants to tax your income now and put it into the Social Security system (questionable idea), and the other side wants to tax your income to reduce deficits, because the worker isn't taxed enough apparently.
"There has been a brewing intellectual movement to get rid of the 401(k) for several years, with scholars on both the right and left questioning its value. And as the federal government gets increasingly desperate for new sources of revenue, the tax treatment of 401(k)s is a likely target. There are good policy reasons to end it, but the question remains: Will Americans still save for retirement?"
Don't worry, there isn't a lot of support laid out in the opinion except wonky economic theory with guesses on impacts. Given this is an election year, this is something you might want to add to the list of things to check a candidate on.
Your 401(k) Will Be Gone Within a Decade
The intellectual case for getting rid of tax-advantaged retirement plans is strong, and the political case is catching up.www.bloomberg.com
Meeting with our 401k Plan provider today to sign an amendment to our 401k plan to allow In-Plan Roth Conversions that will allow us to do the mega backdoor Roth 401k that I mentioned earlier in this thread - https://www.hunttalk.com/threads/future-of-401ks.323555/post-3737055
Pretty straightforward with just a little plan amendment and they even have it setup to where you can automatically convert after tax contributions to Roth accounts each time you make an after tax contribution. So instead of having to save up and make a big payment into the account after tax we can just set it up semi-monthly after tax contributions that then convert to Roth automatically.
Pretty cool feature.
npaden
Well-known member
Well darn....
Just got off the phone with our 401k provider.
We would end up failing our ACP test so we can't do the voluntary contributions.
Sounds like the mega back door is mostly hype and that's why you don't hear of people doing it very much.
Our plan is a safe harbor plan but that doesn't count when you are doing additional voluntary contributions.
Oh well.
Just got off the phone with our 401k provider.
We would end up failing our ACP test so we can't do the voluntary contributions.
Sounds like the mega back door is mostly hype and that's why you don't hear of people doing it very much.
Our plan is a safe harbor plan but that doesn't count when you are doing additional voluntary contributions.
Oh well.
Absolutely, managing IRAs can be straightforward with the right guidance. Also, gold ira is worth considering for diversification and hedge against inflation.
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