NLXSK1
Well-Known Member
Your limits are wrong.As I said, I am not driven by guilt, my arguments are dependent upon fact and reason. Now, you might try to show me how romney got his retirement funds up to 100 million dollars.
Current IRA contribution limit is I believe $5,000 Current 401k limit is what? 22,500?
how does one get to 100 million from there?
Once you own a business there are other retirement vehicles SEP-IRA (I believe) that allow you to invest up to 25% of your income rather than the meager caps that regular citizens get.
Grabbed this piece from a vanguard site.
[h=3]* Net compensation for self-employed individuals is generally the net profit from IRS Schedule C minus one-half of the individual's self-employment tax. The eligible compensation limit, indexed for inflation by the IRS, is $250,000 for 2012.[/h]