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No 401(k) - where to invest?

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  • No 401(k) - where to invest?

    I just started my first job out of residency. I'm employed (not partner or independent contractor) but I don't get access to a 401(k) until I've been employed for a year. I'd like to be aggressive with my saving and investing in these early years that have the most time to compound. Where should I invest this first year, after maxing the allowed amount for Roth IRA contributions for myself and my wife?

  • #2
    I've got a blog post coming up on this.

    Be sure you don't have another use for your money (pay off debt, save up down payment, emergency fund, kids' college etc) and if not, then just invest for retirement in a taxable account. Be sure to look into what is available to your partner.
    Helping those who wear the white coat get a fair shake on Wall Street since 2011

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    • #3
      Not to oversimplify but just do something intelligent with it.

       

      good ideas:

      1. student loans

      2. emergency fund

      3. any other debt payoff

      4. kids college fund

      5. taxable retirement account

       

      As long as your aren't blowing it all on BS I wouldn't agonize and end up with paralysis by analysis.

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      • #4
        Agreed, taxable account

        If you are looking to be a supersaver as an employed physician, you'll need to get comfortable with a taxable account quickly

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        • #5


          I’m employed (not partner or independent contractor) but I don’t get access to a 401(k) until I’ve been employed for a year.
          Click to expand...


          Are you sure? Often, a company match doesn't begin until year two but employees are still eligible to contribute their own funds without match in year one.
          Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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          • #6





            I’m employed (not partner or independent contractor) but I don’t get access to a 401(k) until I’ve been employed for a year. 
            Click to expand…


            Are you sure? Often, a company match doesn’t begin until year two but employees are still eligible to contribute their own funds without match in year one.
            Click to expand...


            I work at a group just like this

             

            Not eligible to contribute to a 401k in year 1, 0 match altogether if considered a "highly compensated" employee

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