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Do any of you save for retirement. solo 401k or something else? I'd like to set something up but I have no clue where to start.
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I have a 401 managed by John Hand****: https://www.jhan****pensions.com -
I have a SEP-IRA managed by Fidelity. It's really easy to set up and I have a set amount direct deposited from my checking account each week. I never miss it.Comment
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anyone in ontario have anything, I need to start.Comment
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Not sure what you have in your area, but around here we have Edward Jones and Waddell & Reed. They can set up retirement funds for you. You can contribute monthly directly out of your checking account and you'll never miss the money. It can be any little amount, or whatever you're comfortable with. OR, you can put in one amount to start with and contribute nothing, and it should still grow -- slower than if you contributed monthly, but it WILL grow. OR, you can just contribute only when you have some extra funds - your choice. Also, you can start by just going to your bank and see what they have available. A national chain bank should have options for you.Comment
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Retirement
There are several IRA plans that you can establish as a family child care provider. You may be eligible for a Traditional IRA or Roth IRA. If you are single, you can set up a Roth IRA if your profit is less than $122,000. If you are married you can set up on if your profit and your spouse's gross income is less than $179,000.
You are entitled to set up a SIMPLE IRA and a SEP IRA regardless of your income. If you have a ton of profit you can also do a single person 401(k).
You can talk to your banker about setting up an IRA or you can do it yourself by contacting a mutual fund company (Vanguard, TRowePrice, Fidelity, etc.).
My book Family Child Care Money Management and Retirement Plan is also a good place to start.Comment
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