All right, Joseph's question is up next. He says, my wife and I are both self-employed

without access to employer-sponsored 401k or HSAs.

We invest through Roth IRAs, but we'll soon max those out.

Should we pivot to a traditional IRA next?

Or, I mean, this can really be summed up.

What's next after that?

Oh, they got all kind of opportunities.

Well, first, let me speak to your very first question.

If you've almost maxed out your Roth IRAs, you will not

be able to shift to traditional IRAs, because a lot of people will recognize this. When it comes to

annual IRA contributions, in this year, if you're under 50, you can do $7,000

into a Roth IRA or a traditional IRA,

but you're capped at $7,000 each.

So it's not like you can put seven in the Roth and seven in the traditional. It's $7 each so it's not like you can put 7 in the Roth and 7 the traditional it's

7,000 across both of those types of IRAs so once you've done the Roth you've

pretty much exhausted your individual IRA opportunities.

However, because you are self-employed,

there are some more options available to you.

Yeah, I mean, the easy answer in the past

was always SEP IRAs, but I got to tell you the

newcomer it's not really as new as it once was but solo 401k's are pretty

powerful as long as you don't have any employees other than you and your spouse.

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