{ "media_type": "text", "post_content": "Campus hire. Few months late but enrolling in my 401K and going to do a Roth, as well. I keep seeing that you should “maximize” both. What does that mean? Is there a calculation or common principle?", "post_id": "5a1cdc4edb8cc60019ab3a8d", "reply_count": 9, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Campus hire. Few months late but enrolling in my 401K and going to do a Roth, as well. I keep seeing that you should “maximize” both. What does that mean? Is there a calculation or common principle?

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And by Big g I meant both smh

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18k into 401k. 5.5 into Roth. Both IRS set limits that go up next year

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Also the 5.5k limit for Roth is for Roth IRA not Roth 401k. IRA is a retirement account you open independently from your employer. 401k (both Roth & Traditional) is offered through your employer. The limit is still 18k through 401k whether you chose Roth or traditional or both.

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Maximize means maximizing the federal limit which is $18k a year.

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People tend to confuse IRA and 401k. Or use IRA interchangeably with Roth which is not correct.

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“Maximize” also means contributing a certain percentage to receive maximum company match. Some firms are $1 for $1 up to 6% of your salary. Others are >, some <

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For Roth I think it’s pretty straight forward bc of the cap but what does that mean for your 401k selections?

Sweet. Didn’t know there was a limit for Big g. Calculation should be pretty straightforward for both then. Thanks fam!

Can’t you not contribute to an IRA if you contribute to a 401k?

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