Is is advisable to contribute the full 19.5k in 401k? I am currently investing a total of about 20k with company contributions in 401k .

likehelpful
Posting as :
works at
You are currently posting as works at

I second the above. I’m making the $19,500 max in a traditional, and prior year split this 50/50 with Roth. Currently I’m seeking the tax break to free up more cash in this uncertain time.

likehelpful

Max out traditional and lock in the tax savings now while you know exactly what tax implications are today.

like

If you can afford it and make about 75k, It is advisable.

like

I am 33. 50% forward contribution to brokerage within 401k . I am thinking what to buy within 50% brokerage ?

Max it out, then do a conversion ladder in the future

like

Ideally you do both to the max, and utilize a conversion ladder to minimize future taxes

If you had to choose, depends on your current income - but $6k in a Roth or traditional isn’t going to make too much of a difference in the long run as long as you’re consistent about it

Yes, I think it is advisable. The more you contribute early on, the better you will be later on in life. Here is a compound interest calculator to show you how, if you continue to keep this up, what your investments could look like down the road: http://moneychimp.com/calculator/compound_interest_calculator.htm

If its hard for you just make sure to increase your contribution by your raise annually. Its an easy way to get there if your getting 5% increases every year.

Related Posts

Would anyone consider buying investment property in Austin?

like

What’s the best way to finance a remodel? Probably need about $40k on top of what I haves saved. HELOC? I’m not really sure where to start researching.

Recommendations on best articles to send a friend on cryptocurrency investing?

like

I have a coin with very low trading volume and it appears to be making it really hard to sell for the market price… makes sense to some degree but wondering if anyone else experienced this and how I can get around it?

like

If you had the option to move to Chicago or NYC, which would you choose? Assuming you could have the same standard of living and savings based on compensation (Single, no kids)

like

For those of us working with Healthcare clients or in Healthcare, what can we start doing to accelerate healthy change in the industry. It seems like so many people need support and guidance with OCM.

In the final stage for a growth market Senior Manger position based out of Toronto in QE domain. How much base salary I should negotiate? What other monetary benefits ( bonus, global profit sharing etc.) at this band I can expect. Any lead will be highly appreciated.

Has anyone successfully gotten UI benefits? Would love to chat if so. Filed mid March, mine is still in pending status, got one random payment two weeks, and nothing since. History shows no payments have been made. Losing my mind a bit 🤪

like

All right fam. Starting my MBA and have enough savings for the 2 years. I can keep the Year 2 portion in my HYSA, or try and invest it elsewhere. What would you suggest in the current environment? I’m expecting a correction in Q4.

like

Have you ever heard of a proof of cash to test expenses instead of revenues? Thoughts?

like

Wish apps like BetterHelp were free. I can’t afford healthcare or therapy (I’m unemployed, and yes, I’ve tried seeking pro bono therapy options — no place anywhere nearby offers it.) I really need a therapist I can talk to on at least a weekly basis to just unpack so much that’s bogging me down to the point of being unable to function some days, but it’s just so cost prohibitive! What sucks is everyone assumes this career hands you median wages on a platter but I’m worse off than I’ve ever been.

like

Is it possible to work 1-2 years as a junior associate at a super boutique doing a combination of fraud/abuse and transactional work in the healthcare space and then lateral to biglaw to practice securities law? I’m happy doing health law, but it’s not what I want to do long term and I worry the longer I stay in that space, the harder it will be switch to the kind of law I truly want to build a career in.

like

I received a 3.625% quote by a potential lender. Seems pretty high in today's economy. Thoughts?

like

Looking for banks that focus on enterprise software, or general software/tech. Any suggestions on who to start with or good sources to find these banks? Thanks!

likesmart

Program Manager Healthcare Foundation $85,000. Worth it? Or too low?

like

Is Intel a good stock to buy? Why is it so cheap?

like

QQQ March 18, 2022 $415 calls at $4.27. Opinion on this trade? I am betting QQQ will raise at least 20% from the current level to $445 by next year February - March. That puts this call at 600% profit. Is this a good bet or should I make this a spread?

like

I have an interview next week for a Clinic Administrator. I’m nervous! Do you have any interview tips or questions that might help me? (I’m currently a Quality, Learning and Development Manager, so I don’t have Administrator experience but I do have a master’s degree in Healthcare Administration).

like

Hey fishes, would be joining PwC AC DDVIT team in some time. I have some questions:

1. Is the PwC AC DDVIT team same as Strategy& or these two operate differently?
2. How is the overall worklife balance for PwC DDVIT team?
3. What are some some good benefits in PwC AC (monetary/non-monetary)
4. How much time does an associate 2 take to get promoted to senior associate?
5. Are there on-site traveling opportunities? And is it only to US or European countries as well?

Thanks!

What eft or stocks are you holding in your 401k?

like

More Posts

How does your firm handle associate reviews? Is it a set place/date/time that you know in advance? Or is it a last minute meeting scheduled five mins before the start time? Do you know in advance who’s going to be reviewing you? Or is it a surprise? Do you have opportunities to give feedback, or is it just them talking about your performance?

like

False 498A filed by my wife. Case moved to court recently. Can I get on site? Will it problem to get Visa?

like

I have been offered a job at KPMG within cyber security in the uk. Originally it was a 25% hike offer. Now I have received a 8% hike at Deloitte as part of the current performance cycle along with a 5k bonus (great incentives every year) The only thing is KPMG is offering this in a @kpmg regional location where I’m based plus the disadvantage is I need to pay 2500£ for my dependent visa costs which I can save if I continued with Deloitte. Seen Lot of negative comments about KPMG. Any thoughts ?

like

Hi there,

I’m thinking of a career move. Does anyone have experience of AD roles at either McCann Health / Ogilvy / RAPP Well ? Keen to understand the culture if possible. Thanks

like

I currently work for an Insurance Company and I would like to change my focus from Life Insurance to Annuities, Mutual Funds, IRA’s, and 529 Plans. Any tips or advice would be appreciated.

like

Is there a PWC NTS fishbowl? I want to hear about the Exempt Organizations group. Thanks

like

Anyone interested dm me

Post Photo
helpful

Golden Gate Capital, Sycamore, or Charlesbank? I am far along with all 3 and am wondering how people would stack them up in terms of brand, b-school exits, and culture/hours?

like

Hi folks. Yesterday i joined tcs. My document verification was done yesterday and tomorrow i have a virtual induction. I had received an interview call from a client and they took my interview but there is no further updates from them. Yesterday night i got the details like employee code and manager email. Should i connect with them for project or they'll only connect with me?

like

Hi All, tomorrow is my HR/Salary round with Wirpo.
How much should I ask for?

YoE: 8
SkillSet: IBM Sterling Integrator
Current CTC: 8.7 lacs

This is my first switch!

like

any gays in here 😝

upliftingfunnylike

So...it's busy season and on top of that, my wife of 10+ years is divorcing me causing stress levels to be astronomically high, plus dealing with this beer virus fiasco and the tanking economy, and...

likehelpful

I have offer from 11.23 LPA fixed and 21% VP for Senior application developer in SAP Plant maintenance. I have 5.5years of exp. in SAP PM. Is it good offer ?

Since Florida is an at-will state, can an individual be fired for a lack of productivity in a physically demanding work environment (if that lack of productivity is due to a heart condition)?

like
like
like

Anyone here work in a family office role? What are the hours and salary like?

like

How do you report a coworker for safety concerns?

like

How do you make friends at work especially with remote work!

like

Additional Posts in FIRE Financial Independence Retire Early

Would you do 7 years in a minimum security Federal Prison for $10M?

Assume:
-All of your fellow inmates are incarcerated for crimes of a non-violent nature
-The $10M is tax-free and handed to you when you are released

like

I want to invest my savings- 100k.
What is the best way to do so?

like

Has anyone been able to semi-retire around age 50 and then work part time or hourly consulting until 60? I want to retire at 55 but I could do an extra 5 years if I were only doing 3 days/week

What is your income, and how much are you saving?

I’ll go: 120 expected this year, saving about 60k

like

Saved up 30k over last few months in case my family or I needed cash. I think it’s at the point where I can pay off my private loans and start to invest the rest. How do I go about paying off 15k to a private loan, do I just use the online portal? Should I tell my bank first?

likesmart

Thoughts about buying FXAIX and FOCPX in a Roth IRA? Currently contributing $300/200 split monthly.

like

Planning to invest 60k into a Vanguard ETF for the long term. Any recommendations?

like

What’s your best money saving/cutting back tip? I consider myself pretty good with saving and not spending on unnecessary things but always open to learning what works well for others!

like

Social Security tax/HSA question - one of the unique benefits to HSA is that on top of being income tax free it is also payroll tax free. For specifically the 6.2% social security portion of FICA that only applies to the first $147k does that just mean you pay it on dollars earned from 147 to 154 instead for no net benefit?

First time investor in the US. Any suggestions on books / blogs to read to get smart. Where do people typically invest given all the client related policies in place for consulting firms?

Hi FIRE 🐟 thinking to buy my first house next year and I’ve read advice here that says to buy the first property and then rent it out (and put little down), but given the current high interest rates, if I put little down, the mortgage will be really high. I also live in a HCOL area so is this advice for LCOL/MCOL or am I missing something? Advice is appreciated!

like

I acknowledge that I am lucky regardless of outcome here. But I finally finished paying off federal student loans this month. Now we might get $10k forgiveness, plus I missed out on some other opportunities to make the best of the debt. Feeling like an idiot and discouraged over the financial mistake of losing out when I could have been investing this. Anyone else relate? Happy for others who will benefit though. It is well deserved.

likesmartfunny

Are any SF bay area folks working towards FIRE? I want to, don't know how given the high cost of living in the bay area. Would appreciate if you could share what your FIRE number is and how you are...

like

Took the bullet and got the HMbradly credit card. Also set up direct deposit with SoFi to get its 1.25% rate. Think I've done all I can for the emergency fund.

like

Our mortgage/taxes/insurance/utilities is 22% of our net (401K, taxes, insurance, ESPP). As I consider our next move, wondering if we should stay this same course, anticipating income increases or buy a lil more house. For those that are close to FIRE or that have reached FIRE, what's your comfortable percentage?

like

Thinking of retiring at 50. After I retire, what are some of the small gigs I can do to get some cash flows and enjoy retirement, without going throght the full 50 hour a week grind?

For context, a 44 year old MD. I think by 50 I'd have enough saved to last the lifetime, but don't want to be doing "nothing" while I travel for most part of the year.

like

For a Roth IRA- is it better to purchase an aggressive etf with low fee (like VTI) or an aggressive active managed fund (FBGRX, which has a higher fee) taking into consideration the tax free nature of the Roth.
Thanks

like