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I hope you are not jeopardizing your own retirement by helping your son pay down his medical school loans. If you are paying any loans down, you should start with your own mortgage.
Aha. Although really this doesnât make a huge difference.
I am seriously considering dropping Prime because Amazon has made it harder to get free shipping, and at $120/year I donât think it is worth it. I donât use the video or photo or music streaming services or really any other of the prime benefits. I liked it because I could buy something for $1 and get free shipping and they pretty much killed that.
My main card gives me 1.5% cash back on everything, and I donât have to keep track of which card is doing a thing for what category of products this month. Iâm probably leaving some money on the table, but it makes my life simpler.
http://www.medscape.com/features/slideshow/lifestyle/2014/public/overview#1
really neurology is not a happy field-have known a lot- it is more like internal medicine in its chronicity- residency is 4 years with usually a subspecialty - total 5 years. neurology however is a field where most diseases are not caused by lifestyle or habit- which can grind on you after awhile.
as I tell my students- you got to pick a specialty you like or at least the one you least hate - it really can come down to that. my students also consider specialties based on how they are going to pay off their half million dollar med school loans. going part time as a female is not an option when loans are looming. if you are less than full time in some states or take off more than 30 days - you have some answering to do at the state level- where have you been, what did you, etc. they are concerned you lose knowledge and do not keep up to date. they can require you go back to do a year of residency if you have been out say for a kid for 2 years. yes that fear alone kept me going.
^^??
rockymtnhigh- I think you meant to post this on another threadâŠ
menloparkmom, I think rockymtnhigh was just responding to my question. A couple of pages back, I think the life-style aspects of MDs in the new generation were brought up and discussed by several CCers whose H or W is a physician and this topic started from there.
This topic could be of some interests to OP, mom2collegekids, as well (in my educated guess only) so I think she would not mind about this kind of discussion.
itâs OK- I will stop getting off topic. a habit of mine.
@rockymtnhigh, you were not off topic.
I also didnât find your post off topic at all, @rockmtnhigh.
A couple of pages back, I think the life-style aspects of MDs in the new generation were brought up and discussed by several CCers whose H or W is a physician and this topic started from there.
SORRY!
I missed those earlier posts⊠:">
Yes, this has been rather a fascinating thread, with lots of tangents about different financial comfort levels, work/life balance, retirement, SS and more. Iâm really enjoying it as it evolves and seeing where itvwill go next.
I think the tangents are fun 
Itâs a bit like our college search days on the other CC threads. Itâ was interesting to chat with other families on the same paths of school research, financial thought process, empty-nest fretting etc.
Itâs a precursor to what our mind will be when we retire. Off tangents!
Solo-401K question: It looks like an LLC or partnership with no employees can have a solo401k. The employees (what they seem to be called even though theyâre really members or partners) can contribute up to $18K + the catch-up contribution, and the business can also make contributions, called non-elective contributions. Any ideas how the business contributions part is reported on the K-1? Does it in some way reduce income subject to social security/medicare taxes?
This link might help you.
http://www.irafinancialgroup.com/solo401kcontributionlimits.php
Link from Bogglehead, it seems deductible
https://www.bogleheads.org/forum/viewtopic.php?t=101210
For those that donât have their social security statements - can get online. You set up a sign on and password - go to www.ssa.gov
I printed off to give a copy to our financial planner.
And if you signed up to get them online, you wonât get them in paper any more.
The idea of a a separate solo 401k for an llc is interesting. My wife and I formed an llc 3 years ago when we bought an office building that we rent back to my other business (a marketing company.)
We donât have many deductions now and the llc is making money now which means more taxes. The llc business probably makes a little over 20k after expenses. Could I (or my wife) set up a separate solo 401k for the llc and contribute the entire 20k in income to the solo 401k? (Iâm 58) I already contribute the max (24k) in the 401k in my marketing company.
Yes as long as your wife doesnât have any employee. I was hoping to set up this for my daughter but this year she hired a new employee.
The $24K limit ($18K + $6K catchup) is a combined limit across all of your jobs. You could contribute less in your other job so you could pay yourself a large match.
However I would think the income generated from the office building is passive income, which would fall through to schedule E and is not earned income that you could make contributions from. If you took a salary from it youâd have to pay 15.3% FICA on it. If an LLC holding rental real estate is making a profit, you probably need a new accountant.
But honestly your situation is far too complex to be asking strangers on the internet, no matter how much we think we know. 