I'm 37 and just Just set up a DBP with a combined 401k.
I'm one year out there of fellowship and have zero retirement (just found WCI this year). I made 1.1 last year and will probably be in the 800-900 range for the next two years than 700k range after that.
With a late start and high 1099 income I jumped the gun somewhat naively on the DBP route. My payment schedule is about 100k into the DBP plus 36k in a his/her 401k with the DBP going up each year.
Although I'm a IC now I'm 50% sure that I will be "forced" to be employed in 2 years and if not I should have the option of being employed at any point.
I was told that if my employment status legitimately changes (going from 1099 to W2 or if my 1099 income drops significantly) I can "easily" dissolve the plan.
Is that the case?
I'm one year out there of fellowship and have zero retirement (just found WCI this year). I made 1.1 last year and will probably be in the 800-900 range for the next two years than 700k range after that.
With a late start and high 1099 income I jumped the gun somewhat naively on the DBP route. My payment schedule is about 100k into the DBP plus 36k in a his/her 401k with the DBP going up each year.
Although I'm a IC now I'm 50% sure that I will be "forced" to be employed in 2 years and if not I should have the option of being employed at any point.
I was told that if my employment status legitimately changes (going from 1099 to W2 or if my 1099 income drops significantly) I can "easily" dissolve the plan.
Is that the case?
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