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  • #46
    Originally posted by F0017S0 View Post

    Funny thing is that I’m not “unhappy” at my current gig. It’s fine, that is if I wanted to remain flying with center autopilot in command, with the straps thrown off, just monitoring the instruments during cruise. I know I won’t advance (because I inquired) and it isn’t a lack of performance. The people are solid, as well. But no one can go through life on autopilot, because when poop hits the fan, autopilot turns off, and then surprise sets in when least expected. Best to keep moving, learning, meeting…
    I wouldve been content to stay a teacher if I wasnt accepted to med school. I was tenured and running on autopilot for lesson plans (the first few years are the hardest/longest hours, after that its just updating some lessons and behavoiral management). I would not have been happy wondering what if and not trying for med school. Took someone older than me trying to motivate me for the final push to apply

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    • #47
      Originally posted by F0017S0 View Post
      Update: sent my preliminary acceptance; pending Docusigning the official paperwork. Obviously keeping a low profile at current job. Start middle of January, so I’ll likely have to do two weeks of COBRA.

      Overall, I feel pretty nervous. But I feel that I have the tools to hit the ground running on day one for the most part and learn the vagaries along the way. And given that there won’t be any movement at the current role (which isn’t a bad role by any stretch of the imagination), I feel as if it is time to move on, learn new lessons/skills, meet new people.
      CONGRATS! Looks like a great move. If you can make your last day the 1st you'll have insurance through that month, if its the 31st your out the next day.

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      • #48
        Originally posted by F0017S0 View Post
        Update: sent my preliminary acceptance; pending Docusigning the official paperwork. Obviously keeping a low profile at current job. Start middle of January, so I’ll likely have to do two weeks of COBRA.

        Overall, I feel pretty nervous. But I feel that I have the tools to hit the ground running on day one for the most part and learn the vagaries along the way. And given that there won’t be any movement at the current role (which isn’t a bad role by any stretch of the imagination), I feel as if it is time to move on, learn new lessons/skills, meet new people.
        As I understand it, COBRA can be retroactive. So you only need it if you get sick in those two weeks.

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        • #49
          Originally posted by pierre View Post

          As I understand it, COBRA can be retroactive. So you only need it if you get sick in those two weeks.
          No COBRA; confirmed I’m covered up to 2/1 when the new benefits kick in!

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          • #50
            Update: background cleared and my start date is 1/18. I am covered on the current plan through 2/1 (got that in writing). I’ll give notice next week and start looking for my replacement. It is very strange to be giving up a work formula I developed the past couple of years that is a “winner”, but as I said, no growth is not good. I can stockpile future tuition money to reduce loan burdens from school.

            Another funny thing happened: I was invited to (and attended) a virtual, invite-only event for a well-regarded CRO. I got direct contact information for a handful of recruiters and managers. Told them today that I was pulling out (since they considered attendance at the event my application) for now, but would like to stay connected over the next few years.

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            • #51
              Merry Christmas everyone! Quick follow up question.

              It is almost that time of year (just after New Year's) when I make a lump sum contribution to my IRAs. Under previous salaries (PhD stipend and soon-to-be-former role), I could make contributions in my usual 50/50 manner traditional and Roth. On a salary of $115k (plus the residual from my current role: unused vacation, final pay, et cetera) it appears that I cannot deduct any traditional IRA contributions (since I will be covered by a workplace 401(k) plan). Should I just fund my Roth to the maximum limit since I expect to be just under the $129k threshold for 2022 contributions (https://www.irs.gov/retirement-plans...ake-for-2022)? Essentially from here on in my pre-school work experience, I do no expect to be able to ocntribute to either IRA for some time, so I want to get in any final contribution I can...

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              • #52
                I dont think it would be that big a deal to go all roth for your IRA regardless of if you could even get the deduction, so if you think youre close to the threshold anyway i might just favor the backdoor roth. although i guess now you have to worry about the pro-rata rule...

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                • #53
                  Originally posted by F0017S0 View Post
                  Merry Christmas everyone! Quick follow up question.

                  It is almost that time of year (just after New Year's) when I make a lump sum contribution to my IRAs. Under previous salaries (PhD stipend and soon-to-be-former role), I could make contributions in my usual 50/50 manner traditional and Roth. On a salary of $115k (plus the residual from my current role: unused vacation, final pay, et cetera) it appears that I cannot deduct any traditional IRA contributions (since I will be covered by a workplace 401(k) plan). Should I just fund my Roth to the maximum limit since I expect to be just under the $129k threshold for 2022 contributions (https://www.irs.gov/retirement-plans...ake-for-2022)? Essentially from here on in my pre-school work experience, I do no expect to be able to ocntribute to either IRA for some time, so I want to get in any final contribution I can...
                  Are you familiar with the backdoor Roth IRA? If there's any chance you could be over $129k, just do that.

                  I guess there's still a slim chance that Congress may try to ax it next year with new legislation, but I think if you get it done in January there won't be any repercussions.

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                  • #54
                    Originally posted by Lithium View Post

                    Are you familiar with the backdoor Roth IRA? If there's any chance you could be over $129k, just do that.

                    I guess there's still a slim chance that Congress may try to ax it next year with new legislation, but I think if you get it done in January there won't be any repercussions.
                    I am familiar with the BD Roth, but I have never done it. As far as the $129k question, hard to say: I guess it would depend on if I get promoted or a raise in my first year. I'm not counting on either a promotion or raise, so I'm leaning towards just putting the $6k in my Roth, maybe buying some company stock, VTI, and my usual bond market funds.

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                    • #55
                      Originally posted by Turf Doc View Post
                      I dont think it would be that big a deal to go all roth for your IRA regardless of if you could even get the deduction, so if you think youre close to the threshold anyway i might just favor the backdoor roth. although i guess now you have to worry about the pro-rata rule...
                      Interesting, I just did some reading to get a general overview of the pro-rata rule. I think my plan for now is to get my feet wet in the new role, and discuss with my accountant during my tax appointment in March what the best approach is. I have been considering making full contribution to my 401(k) and HSA at the new role. I'll roll over my 401(k)/403(b) into my IRAs and buy the corresponding ETFs (VTI, Vanguard Bond Funds).

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                      • #56
                        Originally posted by Turf Doc View Post
                        I dont think it would be that big a deal to go all roth for your IRA regardless of if you could even get the deduction, so if you think youre close to the threshold anyway i might just favor the backdoor roth. although i guess now you have to worry about the pro-rata rule...
                        One other question: granted, this will be rather elementary, but for "each" backdoor Roth, does that create a "new" Roth account? Or can I convert into a preexisting account at Merrill (i.e. the one I have funded since starting my PhD)?

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                        • #57
                          Originally posted by F0017S0 View Post

                          One other question: granted, this will be rather elementary, but for "each" backdoor Roth, does that create a "new" Roth account? Or can I convert into a preexisting account at Merrill (i.e. the one I have funded since starting my PhD)?
                          Its all just going to go into your regular roth ira after you convert it, you dont need more than one roth ira or anything like that. I would be careful about rolling over your 401k if you dont have to, depending on how much it is that is totally going to screw up your backdoor roth IRAs going forward. You dont want to either have to essentially forgo the Roth ira OR be essentially forced into roth converting your pre-tax IRA (pro-rata rule) in perpetuity.

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                          • #58
                            Originally posted by Turf Doc View Post

                            Its all just going to go into your regular roth ira after you convert it, you dont need more than one roth ira or anything like that. I would be careful about rolling over your 401k if you dont have to, depending on how much it is that is totally going to screw up your backdoor roth IRAs going forward. You dont want to either have to essentially forgo the Roth ira OR be essentially forced into roth converting your pre-tax IRA (pro-rata rule) in perpetuity.
                            Roger, that. Probably best to roll 401(k) into 401(k). And I presume the pro-rata rule applies to 403(b) as well?

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                            • #59
                              Originally posted by F0017S0 View Post

                              Roger, that. Probably best to roll 401(k) into 401(k). And I presume the pro-rata rule applies to 403(b) as well?
                              As long as you don't have anything in traditional IRAs you shouldnt have to worry about the pro-rata rule. Unfortunately im not familiar with how you roll-over 403(b)s, assuming you can do that.

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                              • #60
                                F0017S0
                                Congrats. You just completely changed every future potential employer’s assessment of your potential.
                                Raises based on hire base.
                                Even considering you for the next “promotion” or an increasechsnge of responsibilities, the current pay will pay dividends the rest of your career. The pay trajectory greatly influences preconceived notions of what you are worth.
                                Big move. It opens doors in the future.
                                Perceptions count.

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