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To: SecularBull who wrote (149420)5/29/2001 1:50:11 PM
From: 5dave22  Read Replies (1) | Respond to of 769670
 
I don't think SEP IRA's are for 'any' American - you need to meet qualifications. If there is a way to get around it, please tell me. When I was freelance, I was able to put about $15K away each year - as opposed to my $2K in my traditional IRA. That was in the mid 90's and it's done very well. When I rejoined the 'salaried' world, I was not able to make further contributions.

Dave



To: SecularBull who wrote (149420)5/29/2001 2:36:27 PM
From: Nadine Carroll  Read Replies (2) | Respond to of 769670
 
SEP IRA's are available only for the self-employed and are limited to 15% of earnings. Wage earners can only use 401Ks, up to $10,500 and IRAs and Roth IRAs, within income limits.

Generally, owners of assets, corporations and real estate have many more ways to shelter income from taxes than those who receive dividends or wages.

Many owners of assets are not rich, but most rich people are owners of assets.


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