Nicole Lappin

Yeah, you don't have to be like team Roth, team traditional. You can be team everybody. Like the more the merrier actually when it comes to these retirement accounts. So I personally have a 401k. I have a Roth IRA. I have a traditional IRA. I have a SEP IRA, which is like a special IRA that...

Yeah, you don't have to be like team Roth, team traditional. You can be team everybody. Like the more the merrier actually when it comes to these retirement accounts. So I personally have a 401k. I have a Roth IRA. I have a traditional IRA. I have a SEP IRA, which is like a special IRA that...

business owners can have that I set up a million and a half years ago, and I haven't even paid attention to it, but that's where compound interest can do its thing. Even if you set it up and never contribute to it again, it keeps growing and doing its thing.

business owners can have that I set up a million and a half years ago, and I haven't even paid attention to it, but that's where compound interest can do its thing. Even if you set it up and never contribute to it again, it keeps growing and doing its thing.

business owners can have that I set up a million and a half years ago, and I haven't even paid attention to it, but that's where compound interest can do its thing. Even if you set it up and never contribute to it again, it keeps growing and doing its thing.

But it could be another opportunity to get yet another retirement account. There are SEPs. There are SIMPLs. SIMPLs are actually not that simple, but it doesn't matter. All I'm saying is that there's a lot. There are a lot of different retirement accounts at the retirement party. Okay. And you don't have to choose. You don't have to put a ring on any of them. Oh, yeah.

But it could be another opportunity to get yet another retirement account. There are SEPs. There are SIMPLs. SIMPLs are actually not that simple, but it doesn't matter. All I'm saying is that there's a lot. There are a lot of different retirement accounts at the retirement party. Okay. And you don't have to choose. You don't have to put a ring on any of them. Oh, yeah.

But it could be another opportunity to get yet another retirement account. There are SEPs. There are SIMPLs. SIMPLs are actually not that simple, but it doesn't matter. All I'm saying is that there's a lot. There are a lot of different retirement accounts at the retirement party. Okay. And you don't have to choose. You don't have to put a ring on any of them. Oh, yeah.

I like not putting rings on things. Yeah, you can just you can date around. You can have one of all of them. There is, though, an income limit on a Roth IRA. You can typically not contribute to a Roth IRA if you're making more than $150,000 as a single person. Just FYI, I know you got divorced, but $236,000 for married couples filing jointly is

I like not putting rings on things. Yeah, you can just you can date around. You can have one of all of them. There is, though, an income limit on a Roth IRA. You can typically not contribute to a Roth IRA if you're making more than $150,000 as a single person. Just FYI, I know you got divorced, but $236,000 for married couples filing jointly is

I like not putting rings on things. Yeah, you can just you can date around. You can have one of all of them. There is, though, an income limit on a Roth IRA. You can typically not contribute to a Roth IRA if you're making more than $150,000 as a single person. Just FYI, I know you got divorced, but $236,000 for married couples filing jointly is

Okay. So you can open a Roth IRA really easily. All of us can have a Roth IRA or a traditional IRA. But actually, what's interesting and just this is a side note because you can open a Roth IRA through the front door, so to speak. There's also a backdoor Roth IRA, which is essentially where you roll one account into a Roth IRA. So you do in two steps what you can't do in one. It's weird.

Okay. So you can open a Roth IRA really easily. All of us can have a Roth IRA or a traditional IRA. But actually, what's interesting and just this is a side note because you can open a Roth IRA through the front door, so to speak. There's also a backdoor Roth IRA, which is essentially where you roll one account into a Roth IRA. So you do in two steps what you can't do in one. It's weird.

Okay. So you can open a Roth IRA really easily. All of us can have a Roth IRA or a traditional IRA. But actually, what's interesting and just this is a side note because you can open a Roth IRA through the front door, so to speak. There's also a backdoor Roth IRA, which is essentially where you roll one account into a Roth IRA. So you do in two steps what you can't do in one. It's weird.

It's totally legal. It's a loophole, but we did a whole show about this, and I'll link that in the show notes if anybody is interested. But I digress. Back to you, Stephanie. Another important thing that you should know is that there are annual contribution limits. So in 2025, if you're under 50, which you are, the contribution limit is 7K.

It's totally legal. It's a loophole, but we did a whole show about this, and I'll link that in the show notes if anybody is interested. But I digress. Back to you, Stephanie. Another important thing that you should know is that there are annual contribution limits. So in 2025, if you're under 50, which you are, the contribution limit is 7K.

It's totally legal. It's a loophole, but we did a whole show about this, and I'll link that in the show notes if anybody is interested. But I digress. Back to you, Stephanie. Another important thing that you should know is that there are annual contribution limits. So in 2025, if you're under 50, which you are, the contribution limit is 7K.

If you're older than 50, you can contribute a little bit more. It's always helpful to understand the philosophy about why these rules are in place so you know that they're going to change the numbers. But the thought process behind that is the older you are, the more you can contribute. So those are the limits this year. They'll probably change next year.

If you're older than 50, you can contribute a little bit more. It's always helpful to understand the philosophy about why these rules are in place so you know that they're going to change the numbers. But the thought process behind that is the older you are, the more you can contribute. So those are the limits this year. They'll probably change next year.

If you're older than 50, you can contribute a little bit more. It's always helpful to understand the philosophy about why these rules are in place so you know that they're going to change the numbers. But the thought process behind that is the older you are, the more you can contribute. So those are the limits this year. They'll probably change next year.