No employer retirement plan 1st year--help with a plan please

[ddcorn44]

Novice here.

I am currently in fellowship and recently accepted a private practice position. The group offers a typical 401k with match, but only after 1 year of employment. Not just no match until year 2 but I cannot even participate in the retirement plan until year 2. Working to make heads or tails of my plan to contribute as tax-free/sheltered as I can. And would appreciate some more experienced wisdom.

I am married with 3 kids. Our only debts are student loan in low $300k range.

It appears that for 2022 my MAGI would be below the IRS cap for a IRA as I will be splitting the year with fellow and attending salary.

Any thoughts or a general strategy?

[childay]

Are you W2 or 1099

[jfoxcpacfp]

Fwiw, this is pretty common. Comments in this thread may be helpful. If you have a plan available in fellowship, you may not even miss a year, as follows:

• Fellowship ends ~7/1/22: max out the 1st half of 2022
• Become eligible @ new practice 8/1/23 (assume you take off a few wks for moving, etc): max out last part of yr

in the big picture, missing a yr of contributing to pre-tax and deferring that $ to taxable instead is not going to have much overall impact - in fact, you may be better off over the long term.

Welcome to the forum!