Retirement

Yes the backdoor IRA strategy will work for you. One note of caution is that there is potential this strategy will be limited if the version of the Build Back Better Act that is about to go to the Senate for a vote passes. Consider making the move soon as some of those provisions will take effect Jan of 2022.

Additionally note that there is a possibility of the side door Roth if your plan at work allows non deductible 401k Contributions. Reach out if you want to discuss further

For 2018, the tax rate on the employee portion of Social Security is 6.2% on wages up to $128,400, so Social Security tax withholdings should not exceed $7,960.80. Medicare tax of 1.45% is withheld from all wages regardless of amount.

On Schedule SE for 2018, self-employment tax of 15.3% applies to earnings of up to $128,400 after the earnings are reduced by 7.65%. The 15.3% rate equals 12.4% for Social Security (6.2% employee share and 6.2% employer share) plus 2.9% for Medicare.

If net earnings exceed $128,400, the 2.9% Medicare rate applies to the entire amount. One half of the self-employment tax may be claimed as an above-the-line deduction on Schedule 1 of Form 1040.

Recipients under the full retirement age can earn up to $15,720 between the ages of 62 and 65. people who turn 66 in 2016 will not loose any benefits if they earn $41,880 or less before they reach that age.
Recipients under the full retirement age can earn up to $16,920 between the ages of 62 and 65. people who turn 66 in 2017 will not loose any benefits if they earn $44,880 or less before they reach that age.

In 2016, there is no increase in the Social Security wage base of $118,500. The Social Security tax rate on employers and employees stays at 6.2%. The Medicare tax rate on employers and employees stays at 1.45% on all pay. BUT...
In 2017, the Social Security wage base is raised to $127,200. The maximum amount of Social Security tax a taxpayer will pay in 2017 will increase from $7,347 in 2016 to $7,886.40 in 2017. An increase of $539.40.
in 2017, the Social Security tax rate on employers and employees stays at 6.2%. The Medicare tax rate on employers and employees stays at 1.45% on all pay.

IRA (Traditional or Roth) Deadline to establish the plan and the Deadline to fund the plan is April 15th of the following year.
SEP IRA - Deadline to establish the plan is the due date of the tax return, including extensions and the Deadline to fund the plan is due date of the tax return, including extensions.
Simple IRA - Deadline to establish the plan is October 1st of that year and the Deadline to fund the plan for the Employee contributions must be withheld from pay by December 31st and remitted to the investment firm as soon as reasonably possible and the Employer contribution must be made by the tax return due date, including extensions.
401-K or 403(b)- Deadline to establish the plan is October 1st of that year for safe harbor plans, otherwise December 31st of that year. Deadline to fund the plan for the Employee contributions must be withheld from pay by December 31st and remitted to the investment firm as soon as reasonably possible and the Employer contribution must be made by the tax return due date, including extensions.
Defined Benefit Plans and Profit Sharing Plans and Keough Plans must be set up by Dec 31st of that tax year.

Everyone born in 1929 or later needs 40 Social Security credits to be eligible for retirement benefits. You can earn up to four credits per year, so you will need to work at least 10 years to become eligible for retirement benefits.
Each year the amount of earnings needed for a credit rises as average earnings levels rise. In 2012, you receive one credit for each $1,130 of earnings, up to the maximum of four credits per year.
If you become disabled before age 62, the number of credits needed for entitlement to disability benefits depends on your age at the time you become disabled.
If you die before age 62, the number of credits needed for survivors to receive benefits on your record depends on your age at the time you die.

The 2012 social security tax rate is 6.2% of your earnings (or 12.4% for self employed tax),The employer will still need to pay 6.2%
The 2011 Payroll Tax Cut temporarily lowered the social security tax rate for the employee to 4.2% in 2011.The employer will still need to pay 6.2%

Everyone born in 1929 or later needs 40 Social Security credits to be eligible for retirement benefits. You can earn up to four credits per year, so you will need to work at least 10 years to become eligible for retirement benefits.
Each year the amount of earnings needed for a credit rises as average earnings levels rise. In 2012, you receive one credit for each $1,130 of earnings, up to the maximum of four credits per year.

The Social Security Administration, who made the wage base 2013 announcement (The wage base in 2013 is $113,700) also announced that people receiving social security benefits will get a cost of living adjustment (or COLA) adjustment in 2013. Social security benefits will go up 1.7% in 2013. They increased 3.6% in 2012.