Hi, I am self-employed and am struggling a bit to out how to maximize my retirement investing.
I max out my IRA contributions, and set up an individual Roth 401k through Vanguard in 2020. From what I can tell, it looks like I should be able to contribute up to $20,500 as an “employee elective deferral” and up to…some other complicated amount on the employer side (since I am self-employed).
3 questions:
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Is there a calculator somewhere to help me figure out my contribution limit as a sole proprietor?
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My Roth Individual 401k only lets me enter contributions as employee deferred, I can’t enter anything on the employer side - is that because it’s a Roth account, and that’s not an option?
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If so, can/should I also open a non-Roth individual 401k - if so, how much can I contribute there?
….
Ok make it 4 questions -
Am I totally in over my head here and would it make sense to pay a professional to figure this all out for me?
Jeremy/his account have helped me go from a negative net worth to one I’m pretty proud of, and I’ve felt confident in investing so far, but I’m worried I’m missing out on something here.