Just add water: architecture startups!

Uncle Sam vs. the Will to Retire
February 8, 2014, 5:05 pm
Filed under: Startup

In a moment of procrastination (I dwell in this place often), I started looking up retirement plans.  Ok, I admit it — I actually started looking up awesome places to visit while in retirement…and then that led to trying to figure out how make enough $$$ so I can retire in those places!!!  anyways — however I got to this subject is irrelevant, ‘cos now we’re here….let’s talk about that beautiful period where we’re not working, called     r e t i r e m e n t.

At my old office, we had a 401K. While it was poorly managed, and I’m pretty sure I didn’t earn a single penny in interest in 8 years, it was good that I was at the very least, setting aside money for retirement.  We had the option between a roth 401k and a 401k, which had to do with when you would be taxed (pretax or taxed upon withdrawl).  In addition to that, I was trying to always set aside the max allowance for my roth IRA each year.  The annual contribution each year is around $5500, so its not a huge amount (ie: you can’t really live off this when you retire, but it’s good to try and set this aside).  http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits The combined efforts were my plan for retirement.  

Now that I’m on my own, it’s only been that meagre roth IRA and I’m trying to figure out what else can I do that makes sense from a tax perspective as well as a long term retirement plan. 

I came across these articles that give you the skinny on setting up your retirement options for the self-employed:



What are you guys doing to save for that vacation fund called Retirement? How are you managing that with the

cash flow of your new office?  What steps were you taking to set this up?


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Follow-up to this post: I’ve been looking more closely at SEP Ira vs. Solo-Roth 401k. This especially works well if you don’t have employees and the idea of contributing to someone else’s rainy day when you’re not booming in the business.

Here’s a good write up on the difference between the two: http://www.getrichslowly.org/blog/2013/06/06/sep-ira-vs-self-employed-401k/

PS> all this financial stuff totally makes my eyes glaze over but I keep trying to read more because I know its supposed to be important. I know how much vacations mean to me now, so the idea of retirement means that much more!

Comment by sml

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