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Retirement account (over age 70)?

I am 71 and need to work full time again. I will be using an LLC and pay myself as an employee. Is there any retirement plan that can be structured that would allow me to contribute at my age?


Wendy: I don't have an answer for this, but I played with a few searches and found this article from Investopedia.

Over Age 70 Retirement Plans

Loads of information there... Hope this helps!

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Interesting
by: GOLDIE

Thank you for the information. I see many advantages for having this type of arrangement.

LLC--What You Should Know
by: Tom Damron

A limited liability company (LLC) is a flexible form of enterprise that blends elements of partnership and corporate structures. Note than an LLC is not a corporation, and calling an LLC a corporation is technically incorrect. An LLC is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions. LLCs do not need to be organized for profit. An LLC, although a business entity, is a type of unincorporated association and is not a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation, and it is well-suited for companies with a single owner.

Choice of tax regime. An LLC can elect to be taxed as a sole proprietor, partnership, S corporation or C corporation (as long as they would otherwise qualify for such tax treatment), providing for a great deal of flexibility. A limited liability company with multiple members that elects to be taxed as partnership may specially allocate the members' distributive share of income, gain, loss, deduction, or credit via the company operating agreement on a basis other than the ownership percentage of each member so long as the rules contained in Treasury Regulation (26 CFR) 1.704-1 are met. S corporations may not specially allocate profits, losses and other tax items under US tax law.

Limited liability, meaning that the owners of the LLC, called “members”, are protected from some or all liability for acts and debts of the LLC depending on state shield laws.

LLCs in most states are treated as entities separate from their members. However, in some jurisdictions such as Connecticut, case law has determined that owners were not required to plead facts sufficient to pierce the corporate veil and LLC members can be personally liable for operation of the LLC (see, for example, the case of Sturm v. Harb Development, 298 Conn. 124, 2 A.3d 859 (2010),

GOLDIE - LLC
by: Anonymous

Goldie: I'm a business consultant. There are many advantages to having an LLC such as limited liability, certain business write-offs, retirement accounts, etc. You pay yourself as an employee with the usual quarterly reporting and taxes. Depending on what you will be doing, how much income you think that you will be generating,will there be another employee(s), etc., I suggest you sit down with an accountant and see if it is the correct vehicle for you.

Work
by: GOLDIE

What kind of work will you to be doing?
I'm interested in knowing more about how LLC's work. I understand that it protects a person from personal liability.

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