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Which 401k should I contribute to, job transition.

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  • Which 401k should I contribute to, job transition.

    Hey WCI fam,

    Would appreciate any tips.

    I work as an ER physician, currently receiving W2 and 1099 income. For my 1099 position, in 2021 I set up a solo-401k plan through fidelity and only contributed the max employEE portion of $19.5k. There was no retirement plan for the W2 position (as per-diem).

    Now however for 2022, I am leaving the 1099 position this summer and transitioning full time into the W2 position, which offers a retirement plan through vanguard - no match, due to Keogh plan when partnered. I have not made any retirement contributions in 2022 thus far - just bought a house in HCOL.... yay down payment.... ha.

    My question is, which accounts should I contribute to with allocated monthly $ for retirement accounts starting now?
    1. Begin contributing to solo-401k at fidelity for employEE portion only? Knowing I won't be able to contribute 401k vanguard through new job, expense ratio might be insignificantly lower at fidelity, but direct deposit pre-tax (?) through new job.
    2. Begin now contributing to solo-401k at fidelity for employER portion only? (to use my new W2 position for the employEE contributions)?
    3. Just wait and start fresh at the new job..

    I'm not sure if there is any real relevance at all, but figured someone may have some insight.

  • #2
    I would max as much as you can your employER contribution to your 1099 income and max your W2 401k with $20,500 by the end of the year with employEE contributions.