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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Curious if you would be eligible for social security when you hit full retirement age.  If not, you should definitely consider a Roth IRA to save more deliberately for retirement. It is easier to access Roth funds (especially the principal) in a pinch. [/quote]

Yes, I am eligible for Social Security – my business pays me a salary from which Social Security and Medicare taxes are taken out.

I did look into a Roth IRA, but the problem — as I understand it — is that while I am still eligible to contribute based on my income, I can only contribute a tiny amount because the contribution limits decrease once your income is above something like $120,000.  At my current income of $140,000, I believe I was only eligible to contribute something like $2,000 for the year, so not a meaningful amount.

The alternative is the backdoor Roth IRA, but if I understand correctly, there is still a five-year period where you cannot access even the contributions without paying a penalty.

I have looked into all of this stuff.  I’m not financially illiterate, but it’s just that the thought of not having enough cash — or previously, the thought of having a mortgage — frankly terrifies me.[/quote]

If you have your own business, you can open a Roth 401k.  [/quote]

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