Retirement plan option for VA Fee-Basis employee with no benefit

[DrMoneyTails]

Hello,

I started moonlighting at a VA hospital as a moonlighting gig this year a few times a month. They pay me via W-2, but as a fee-basis physician, I am not eligible to the VA benefits.

Are there any retirement plans I can open to save some money with that income?

A little background info: I don't have access to any retirement plan in my full time work and I plan to open a Solo 401k for a few hundred bucks I made moonlighting this year for another employee who pays me on a 1099  (sole purpose of this Solo 401k is for me to roll over my 2016 traditional IRA in the future when I start doing backdoor roths).

[litovskyassetmanagement]

Unfortunately, not with a W2.  Pay down any debts and invest after-tax for now.  You can also do backdoor Roth, and HSA (if eligible).

[jfoxcpacfp]

Since you are doing this for only a few shifts a month, I hope you have access to benefits where you are training, right? Think of saving for retirement not solely in terms of the tax benefits but in the scope of your overall financial plan. As Kon said, you can also save for retirement by starting a taxable account with your extra earnings. Taxable accounts have numerous benefits that retirement accounts don't - just be sure not to invest any money that you will need in the short term (the next 5 years).

[DrMoneyTails]

I have benefits through my fellowship; except for access to 401k   

I still have an uncomfortable amount of debt at 7% interest rate;  so i am paying that rather aggressively with the extra moonlighting income.

thank you for the advice!

[Craigy]

DrMoneyTails wrote:

I have benefits through my fellowship; except for access to 401k   

I still have an uncomfortable amount of debt at 7% interest rate;  so i am paying that rather aggressively with the extra moonlighting income.

thank you for the advice!

Click to expand...

Refi those student loans!  No reason to carry that high 7% rate unless you have poor credit.

I can give you my earnest link or you can click one of WCI's to get $200 or $300 back from almost all of the lenders.

[DrMoneyTails]

i considered it - but since it is only 19k i figured i won't bother with the paperwork. i should finish paying that relatively quickly..

i have other debt at much lower interest rate as well. but really i sort of just hate all debt and any debt is uncomfortable for me! hope to be debt free in 12-18 months total.