I’m starting my first job out of fellowship in the fall at an academic hospital. I regrettably have ignored financial planning until now and am trying hard to get up to speed and save aggressively for retirement. I'm SO glad I found WCI!
I have some questions about whether I can and/or should open a solo 401k. Here's my situation:
Here are my questions:
Thank you so much for any advice and clarification you can offer!
I have some questions about whether I can and/or should open a solo 401k. Here's my situation:
- I will have a 403b with employer match, 457b with employer match, an HSA. I plan to max all of these out (18k+18k+3.4k).
- Also plan do the backdoor Roth IRA, so I will open traditional and Roth IRA’s.
- I’ve done a small amount of moonlighting during fellowship and will continue this as an attending. It’s about 10k/year of 1099 income.
- For reference, I’m not married and have no dependents.
Here are my questions:
- Am I allowed to open a solo 401k if I also have an IRA? I think the answer is yes, but want to make sure. The IRA is just for backdoor Roth purposes so it will be empty 365 days of the year.
- If I put 18k into my 403b, then the only money I can put in the solo 401k is my 20% employer match on my moonlighting income, right?
- Is it worth opening a solo 401k for only ~2k?
- Is there anything else I can do to get more money in retirement accounts?
Thank you so much for any advice and clarification you can offer!
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