Hi there, i am accepting a position with a provider who is running a private practice, they told me that i can't be enrolled into any retirement plan until April next year as i need to complete 1yr and 1000hrs. My question is other than contributing to a regular ira of 5000, can i set up a SEP ira or do anything to save more in retirement fund and thus save on taxes, any input will be greatly appreciated.
thanks

Zip Code: 73117

Unfortunately, when you work for a private practice, the amount you can contribute into retirement plans is at the mercy of the group's retirement plans that are in place. Having to work 1000 hours in a calendar year and also work 12 consecutive months prior to becoming eligible to participate in the retirement plan is pretty standard.

Unless you have self-employment income, your only option is an IRA for $5,500.

When you do become eligible, try to put away the full $17.5k in salary deferrals for 2014.

Zip Code: 01801