Retirement savings for W-2 contractors?

Subject: Retirement savings for W-2 contractors?
From: "Guy K. Haas" <guy -at- hiskeyboard -dot- com>
To: "TECHWR-L" <techwr-l -at- lists -dot- techwr-l -dot- com>
Date: Thu, 05 May 2005 18:45:10 -0700

Until this year, I've been a staff employee--first as programmer, then as TW. I've been putting pretax $$ into 401(k)s for years, with or without employer contributions.

Now, I find myself contracting through an agency and getting a W-2.

I understand that someone who DOES qualify for and use a retirement plan in a staff position can ALSO have an IRA for self-employment income, but I suspect that this W-2 modality does not count as self-employment.

What can the sages of Techwr-L advise me (us all) about the most effective legal way to squirrel money away for retirement in the case of W-2, particularly if it turns out that I go back to a staff position during the same calendar year and resume the use of the 401(k) mechanism?


Guy K. Haas
guy -at- hiskeyboard -dot- com | gkhaas -at- usa -dot- net
Software Exegete in Silicon Valley


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