You can open a tax deferred annuity (you don't have to pay tax on it until it's withdrawn) as a joint account between you and your friend. HOWEVER, if you can't perfectly trust him, you should not do that, because he can withdraw the money, and you'd be stuck with the taxes on it.
I am planning on doing that with my son, who is starting his own business up out of our garage, once I'm out of debt, because I need the tax break, and he will needs a retirement account.
Well borrowing a ride on lawnmower compared to regular contributions to a retirement fund suggests that he may know something you do not as the cost to him is significantly lower than the possible cost you to.
"Can you contribute to somebody else's retirement fund?"
Companies do not care as long as they receive a check and a deposit slip then it is all good
Hope this information helped....Take Care
this idiot is trying to bet me something I know I'm going to win because I'm really good at darts using either hand and he says that if I win he'll let me borrrow his ride-on lawnmower whenever i want with no limits and if he wins I need to regularly contribute to his retirement fund. on the off-chance i lose i want to get him on this technicality cause can't he be the only one who contributes to it since it's under his name? or could his company set it up where they're seizing some of my assets every three months or whatever and crediting tthe value to his stupid retrienment thing? please help becuase i need to agree to this by another half hour or so can probably stall til an hour but i'd rather ccome in lookign sure of my myyself and overconfident to intimidate him.
