401K Options When Employer Doesn't Offer

[Wolfpack Mustachian]

I recently started a new job where my employer will not allow 401K contributions for one year. If I'm understanding it correctly, the solo 401Ks are only allowed for self-employed people? Am I correct in this? Is there any other way that I'm missing to generate pre-tax savings when a 401K is not an option (other than HSA/FSA stuff)? IRA's total contribution limits per year are frustrating after having the ability do the max in 401K and now not having it. I've looked a bit at the Investment Order tab and am going down the list on it. Reducing taxable income seems to be the overall theme in it, and is what I'm looking at doing as much as possible. Thanks for any information!

[Paul der Krake]

You are correct. You can open a SE 401(k), but any contributions must be made with business income, not your W-2 day job.

As things currently stand, there is no other way to generate pre-tax savings. On the plus side, you will be able to backload your 2019 contributions once you become eligible in June 2019. Had you known about this 1-year delay before starting the new job, you could have front-loaded the 2018 contributions at your old job. This is why it pays to request and go over companies' benefits before signing on.

[Wolfpack Mustachian]

Thank you for the information and advice. I was aware that it would not have 401K for a year, but I was not aware of front loading/backloading contributions options (I apparently didn't do enough research ahead of time :-) ). I'll do some research into it. Again, thanks!

Edit: Never mind. I'm just a moron. I misunderstood what you were saying. I didn't even think about upping contributions at the first job to make up for it (although it was pretty quick, so I could probably have only put my last full paycheck in, it would still have been something). I don't know why I didn't think of that. Oh well, not the worst financial mistake I've ever made.

[Steeze]

Any way to approach your employer about enrolling in the 401k and just foregoing the match for a year? Could even offer to cover admin fees for the first year if it was worth it to you. Not sure it is possible, but worth a conversation.

 I work at a start up and could probably make things like that happen. DW is at a Mega Corp and there is zero flexibility, though her plan was available on day 1.