I am very early in my financial education process although a little late to the game - attending 2nd year out. I have a few questions about retirement contributing:
1. I qualify for an employer-sponsored 401k. I am maxing this out with my pretax contribution and receive a 4% match through my employer. This only totals to about $27,000 contributed per year. Besides profit-sharing (which is not available through my employer), is there any other way to make up the remaining $27,000 that the IRS allows as the max ($54,000 in 2017) contribution to a 401k? Am I able to make up this difference somehow?
2. My husband is just finishing fellowship in June and will be starting his six-figure attending job in July. He is not eligible to contribute to his 401k (with employer employer match of 100% of the first 5% deferred and also profit-sharing to reach the $54,000 maximum) until he has been with the group for 12 months. We plan to do backdoor Roths for each of us this year, but since he is not yet eligible for his employer-sponsored 401k, should we be contributing to a different account in the meantime or just wait until he becomes eligible? I understand compound interested and recognize that time is our greatest asset here, which is why I want to make sure I don't waste it!
Thanks in advance for any input - this site/forum are SO helpful!!!!
1. I qualify for an employer-sponsored 401k. I am maxing this out with my pretax contribution and receive a 4% match through my employer. This only totals to about $27,000 contributed per year. Besides profit-sharing (which is not available through my employer), is there any other way to make up the remaining $27,000 that the IRS allows as the max ($54,000 in 2017) contribution to a 401k? Am I able to make up this difference somehow?
2. My husband is just finishing fellowship in June and will be starting his six-figure attending job in July. He is not eligible to contribute to his 401k (with employer employer match of 100% of the first 5% deferred and also profit-sharing to reach the $54,000 maximum) until he has been with the group for 12 months. We plan to do backdoor Roths for each of us this year, but since he is not yet eligible for his employer-sponsored 401k, should we be contributing to a different account in the meantime or just wait until he becomes eligible? I understand compound interested and recognize that time is our greatest asset here, which is why I want to make sure I don't waste it!
Thanks in advance for any input - this site/forum are SO helpful!!!!
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