I will be leaving my academic/university job to start solely as an independent contractor in July. Currently I am doing a bit of both employee and IC work, but I still receive all benefits, insurance, etc and a W-2 from the University.
University benefits:
1. Mandatory pre-tax, employee/employer contribution 403(b)
2. Roth 403(b)
3. Paid medical insurance
Other Personal investments:
1. Roth IRA (started when I was a medical student/resident)
2. Traditional IRA, which was used to do a backdoor Roth, but currently with $0
A couple of questions and areas I would appreciate advice in:
1. What to do with my University 403(b) accounts, both pretax and Roth. They are currently in Fidelity, and I would prefer to have them all at Vanguard for ease of checking in on things, amongst other reasons. Can I just roll them over to equivalent accounts in Vanguard? Is there an equivalent to a Roth 403(b) that I can convert to without tax penalty?
2. I have not set up any personal retirement accounts. I was waiting to see how much money would be invested in my University accounts before I really looked to see how much more I could or wanted to invest in personal accounts. I am a little confused as to the amounts I could contribute to any personal account, since I will have already contributed quit a bit on the employee side of things already. (Also might want to have extra cash on hand to buy a house this year, etc.)
3. I will have to shop for and purchase my own health insurance. Is it possible to qualify for an HSA and high deductible account if I have already been insured for the first 6 months of the year? An HSA/high deductible account is something I think I would be interested in long term, but unsure if I would be allowed to this year.
Thank you for any feedback!
University benefits:
1. Mandatory pre-tax, employee/employer contribution 403(b)
2. Roth 403(b)
3. Paid medical insurance
Other Personal investments:
1. Roth IRA (started when I was a medical student/resident)
2. Traditional IRA, which was used to do a backdoor Roth, but currently with $0
A couple of questions and areas I would appreciate advice in:
1. What to do with my University 403(b) accounts, both pretax and Roth. They are currently in Fidelity, and I would prefer to have them all at Vanguard for ease of checking in on things, amongst other reasons. Can I just roll them over to equivalent accounts in Vanguard? Is there an equivalent to a Roth 403(b) that I can convert to without tax penalty?
2. I have not set up any personal retirement accounts. I was waiting to see how much money would be invested in my University accounts before I really looked to see how much more I could or wanted to invest in personal accounts. I am a little confused as to the amounts I could contribute to any personal account, since I will have already contributed quit a bit on the employee side of things already. (Also might want to have extra cash on hand to buy a house this year, etc.)
3. I will have to shop for and purchase my own health insurance. Is it possible to qualify for an HSA and high deductible account if I have already been insured for the first 6 months of the year? An HSA/high deductible account is something I think I would be interested in long term, but unsure if I would be allowed to this year.
Thank you for any feedback!
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