Author Topic: FIRE tomorrow – 401k Review – Last minute ditch effort to max out the year  (Read 4514 times)

Enigma

  • Bristles
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  • Age: 41
  • Location: Clarksville, TN
So originally I didn’t want to fire until I maxed out my 401k plan, enjoyed the Thanksgiving company paid time off, and enjoyed Christmas winter paid time off.
However, sitting in a cubicle farm for 9.5 daily without anything to do and a 1.5 hour commute each day (45min each way) became too much a month ago.  So I pulled the trigger and rejoined the ‘2019 FIRE cohort’.  Tomorrow will be my last day working as a computer security expert at XYZ company.

But being a licensed realtor, I qualified as a sole-proprietor & self-employed.  This has helped me while selling off half my rent estate investments the past few months.

So a couple of weeks ago, I put in for a Vanguard Individual-401K (i401k, Solo-401k) and was able to finish maxing my 401k out for the year (combined 19k) and was able to put in a nice company match (25% of my 1099 earnings).

Dicey

  • Senior Mustachian
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  • Posts: 15327
  • Age: 63
  • Location: NorCal
So originally I didn’t want to fire until I maxed out my 401k plan, enjoyed the Thanksgiving company paid time off, and enjoyed Christmas winter paid time off.
However, sitting in a cubicle farm for 9.5 daily without anything to do and a 1.5 hour commute each day (45min each way) became too much a month ago.  So I pulled the trigger and rejoined the ‘2019 FIRE cohort’.  Tomorrow will be my last day working as a computer security expert at XYZ company.

But being a licensed realtor, I qualified as a sole-proprietor & self-employed.  This has helped me while selling off half my rent estate investments the past few months.

So a couple of weeks ago, I put in for a Vanguard Individual-401K (i401k, Solo-401k) and was able to finish maxing my 401k out for the year (combined 19k) and was able to put in a nice company match (25% of my 1099 earnings).
Congratulations! I agree it might have been nice to get those last few perks, but if you're fully FI, it should be like picking up pennies. The price you paid for an earlier FIRE date is negligible in the long run. Go live a great life!

Sandi_k

  • Bristles
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  • Posts: 299
  • Location: California
How did you qualify for a SOLO 401(k) when you're employed by MegaCorp?

Paul der Krake

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How did you qualify for a SOLO 401(k) when you're employed by MegaCorp?
There's no rule against having multiple 401(k)s.

Sandi_k

  • Bristles
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  • Posts: 299
  • Location: California
How did you qualify for a SOLO 401(k) when you're employed by MegaCorp?
There's no rule against having multiple 401(k)s.

I understand that. But SOLO 401(k)s are for self-employed people. He's a W-2 employee, from what I understand.

Enigma

  • Bristles
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  • Posts: 486
  • Age: 41
  • Location: Clarksville, TN
How did you qualify for a SOLO 401(k) when you're employed by MegaCorp?
There's no rule against having multiple 401(k)s.
I understand that. But SOLO 401(k)s are for self-employed people. He's a W-2 employee, from what I understand.
I am also a licensed Realtor for the state of TN.  I qualify because that is considered self-employed.  I did well selling half my investment properties this year to move that over to Vanguard.

Salim

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  • over the hills
Yay! Congratulations and welcome to retired land! It is awesome. Today I awoke thinking it was Friday, but it's really Saturday. Who cares? It's all good when you're in control of your time.