Author Topic: Maxed out 401K at Work  (Read 1859 times)

Roamer

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Maxed out 401K at Work
« on: August 31, 2016, 05:08:30 AM »
So on my Friday check I'll have 18K in my work 401K and about $30 in some overage account. I still have about $1500 that I can put in my catchup Roth but what do I do now?
I have some vanguard funds outside of work, but can I still add to them or will I still be over the mandated government total.
So I start putting my excess into a regular investment account and not a 401K?
Any advice is welcomed, thanks. I'm 51 by the way, so that's why I'm doing the catchup Roth ($6K allowed I think)

smalllife

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Re: Maxed out 401K at Work
« Reply #1 on: August 31, 2016, 05:10:08 AM »
If you can put money in a catch up Roth, you have 401k catchup money you can do.

AK

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Re: Maxed out 401K at Work
« Reply #2 on: September 02, 2016, 06:35:16 AM »
Put the catchup in your traditional 401K. Next, look into opening an IRA and HSA for additional tax advantaged investment accounts. The general guidance is to max out your tax advantaged accounts first and then invest in regular brokerage accounts and other investment opportunities.

For more information about investing take a look at jlcollinsnh.com investing series and then read the Madfientist.com.

boarder42

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Re: Maxed out 401K at Work
« Reply #3 on: September 02, 2016, 06:45:14 AM »
yep as small life said if you can do catchup in your roth you can put 24k into your 401k.  so you'll have 18030 in your account friday and still have 5970 left to put in.

FB2020

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Re: Maxed out 401K at Work
« Reply #4 on: September 02, 2016, 09:30:39 AM »
So on my Friday check I'll have 18K in my work 401K and about $30 in some overage account. I still have about $1500 that I can put in my catchup Roth but what do I do now?
I have some vanguard funds outside of work, but can I still add to them or will I still be over the mandated government total.
So I start putting my excess into a regular investment account and not a 401K?
Any advice is welcomed, thanks. I'm 51 by the way, so that's why I'm doing the catchup Roth ($6K allowed I think)

I'm sure you know this, but 18K (or 24K) is the limit on your contributions only.

Roamer

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Re: Maxed out 401K at Work
« Reply #5 on: September 02, 2016, 11:46:43 AM »
Thanks for all the info, I'm still learning. I am doing the catchup as well, so it'll be 6K by year's end.