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Can't invest in my 401k next year, any alternatives?
Posted on 12/16/23 at 10:38 am
Posted on 12/16/23 at 10:38 am
Because I switched companies, I'm not eligible to invest in my 401k until maybe March at the earliest. I may even switch again which would push that to June.
Other than an IRA where should I invest? I do have a personal M1 account but that's not a retirement account.
Any thoughts?
Other than an IRA where should I invest? I do have a personal M1 account but that's not a retirement account.
Any thoughts?
4
Posted on 12/16/23 at 11:05 am to BOZ4LSU
Put the money toward an eTrade account?
Posted on 12/16/23 at 12:05 pm to 21JumpStreet
Dogecoin
Posted on 12/16/23 at 12:24 pm to BOZ4LSU
quote:
Because I switched companies, I'm not eligible to invest in my 401k until maybe March at the earliest. I may even switch again which would push that to June.
So you can invest in your 401k next year, just not right away?
If I’m understanding this correctly, just save up some cash until March or June then turn on the contributions to get to $23,500 or $31,000 by the end of the year.
Posted on 12/17/23 at 11:18 am to slackster
quote:
So you can invest in your 401k next year, just not right away?
If I’m understanding this correctly, just save up some cash until March or June then turn on the contributions to get to $23,500 or $31,000 by the end of the year.
Exactly. I had to do something similar when I joined a new company years ago and there was a waiting period for the 401K.
Just stash enough surplus cash prior to 401K eligibility and then turn on the max (or whatever the goal is for the year) once eligible. During that time, live on what was put away earlier and it’ll basically give the same/similar results.
Posted on 12/17/23 at 10:40 pm to slackster
quote:
So you can invest in your 401k next year, just not right away?
Theoretically. With the nature of my job, I have the potential to switch companies fairly often and depending on who I go with/stay with I may not be able to put in anything into a 401k.
Let's say that scenario happens. Just invest in my IRA and my personal account? I was thinking of just investing a small amount each week into that, that would eventually equal $23,500.
I'm just worried I'm screwing up my retirement
Posted on 12/18/23 at 7:00 am to BOZ4LSU
quote:
I'm just worried I'm screwing up my retirement
Plenty of people can retire without a 401k - it just helps to have one considering the match, ease of payroll deductions, and the higher limits than offered on IRAs.
What do you do that means changing companies so often? Could you become self employed? There are a ton of self employed retirement options.
Posted on 12/19/23 at 5:10 pm to slackster
quote:
What do you do that means changing companies so often? Could you become self employed?
Travel Healthcare. So lots of different companies that offer better pay depending on what part of the country I'm looking to work in. Definitely not becoming self-employed soon at all.
Sounds like my only options are IRA and personal brokerage account?
Posted on 12/19/23 at 5:40 pm to BOZ4LSU
quote:
Travel Healthcare. So lots of different companies that offer better pay depending on what part of the country I'm looking to work in
Are you getting w2s at these places?
Most locums/travel jobs usually get paid as 1099. So just curious.
Posted on 12/19/23 at 10:12 pm to Puffoluffagus
quote:
Are you getting w2s at these places?
Yes, each gig which is also usually a different state
Posted on 12/19/23 at 10:33 pm to BOZ4LSU
You seem to be in a very unique situation. You’ll probably just have IRA and taxable account options. Good luck!
Posted on 12/19/23 at 11:33 pm to BOZ4LSU
Travel nurse? Are they still making bank?
Posted on 12/20/23 at 9:40 am to BOZ4LSU
You should keep your retirement in consideration obviously, don't go straight off hourly pay. But given that, as said already, you can always save money when you can't put it in a retirement and put extra into retirement to catch up when you are eligible.
It wouldn't be the worst idea to simply have the same amount you would put into your 401k placed into an investment account automatically
It wouldn't be the worst idea to simply have the same amount you would put into your 401k placed into an investment account automatically
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