could someone please help me with retirement investing. Im only 30 and havent put a dime towards retirement yet. But my accountant who does my taxes keeps yelling at me that i should put money in a retirement plan or kyoui. (probably spelled that wrong) This way i can deduct that amount off of my taxes.

I dont understand what he means by that. So if i go to the bank tomorrow and put $20,000 in a kyoui, i get to deduct that off of my income when i do my taxes next year? I am self employed by the way.

any info would be much appreciated.

thanks

mike

Are you slumming or trolling? Who in PA told you that IRS experts hang out here?

arthur

I think you mean KEOGH. That's a tax deferred retirement plan for someone who is self-employed. If you are employed by someone else, you need a 401-K.

See http://invest-faq.com/articles/ret-plan-keogh.html

If you have your own accountant, you shouldn't be bashful about admitting your ignorance and demanding answers for things you don't know. You should be asking your accountant, not this newsgroup.

-Alex

You're catching on quick to arthur.....

are you some kind of paranoid idiot? im asking for assistance here.

Yes but I was smart enough to get cured and now use Google to find out who's trying to cheat me. I was warned to never trust MS Outlook too.

a

I would also put money in a Roth IRA if you can. They are tax-exempt and always a good bet. You are also young enough to do some regular investing. I would talk to a financial planner as well as your accountant to see what you can do with the time you have.

Harness the power of stocks

Your first step in turning your retirement vision into reality is to invest more aggressively. The accepted wisdom of subtracting your age from 100 and investing that percentage of your portfolio in stocks may have cut it for the "Leave It to Beaver" crowd. But in a "Desperate Housewives" world -- where you could easily spend 30 years or more in retirement -- you need the growth power of stocks to bulk up your savings and make sure your money lasts a lifetime.

Man do you think that you are old enough to go into retirement? Thinking for future is good but isn't it so early for you. Right now you should concentrate on your near future. and work on that.

I think you should go for that investment that's return is long run.You should also calculate the future value of the return.That will be much profitable as well as helpful.

You are very much anxious about your future and thats good.In my sense what you have to do is just go to some financial agents who works on this & i hope they surely can solve your problem as you want to make it better in future.
Thanks

First, look at contributing to a simplified employee pension (SEP) IRA. IRS Publication 590, Individual Retirement Arrangements, explains the contribution limits for these plans. Self-employed taxpayers have a different standard for contribution limits than employees of a firm that offers a SEP IRA plan.

Alternately, you may be able to set up a SIMPLE Plan for retirement assets. A Simple Plan is a salary reduction agreement where the money funds a SIMPLE IRA account.

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