{ "media_type": "text", "post_content": "Currently on a job hunt. I may be leaving my state in 1-2 years due to my partner's academic program. Is it worth participating at my next firm's 401k when there's a very high chance I leave? Should I just focus on maxing out my Roth IRA until I find that long term firm?", "post_id": "61f1856ff0956a003777143b", "reply_count": 6, "vote_count": 2, "bowl_id": "552d1d24dc1c586b09d2d052", "bowl_name": "Law", "feed_type": "crowd" }
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Currently on a job hunt. I may be leaving my state in 1-2 years due to my partner's academic program. Is it worth participating at my next firm's 401k when there's a very high chance I leave? Should I just focus on maxing out my Roth IRA until I find that long term firm?

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Yes!!!! Remember 401k is also about the tax benefits WHILE you are working. Less taxable income.

likesmart

Yes. When you leave, you can roll your 401(k) into an IRA.

likehelpful

I did that at my last job and really trying to avoid doing that again as I had to then turn the rollover ira into a Roth IRA

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How much are you able to contribute ? Can you max it out? I would not lose any opportunity to contribute to 401k (especially times like the current correction market…). I know rollover later is a pain but it’s worth it in the long run. Still kicking myself for being dumb my first few years of work and not understanding I should be maxing out if I could afford to.

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Right now money is a little tight, so unless I get a much higher paying job, I won't be able to max it out. I am trying to put in as much as possible. If I do a 401k at my next firm, then I would be putting even less towards my IRA. I'm unfortunately not in a position right now to do both while maxing out my IRA as well.

If you think you’ll max your Roth IRA and want to invest more, then use the 401k. If you’re not expecting to go over max for Roth IRA, just stick with that. (Also keep in mind complications with going over income limit for Roth IRA and if you’re doing backdoor ira, there’s a chance it will be removed soon).

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