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General Discussion => Post-FIRE => Topic started by: Enigma on October 21, 2019, 09:44:04 AM

Title: FIRE tomorrow – 401k Review – Last minute ditch effort to max out the year
Post by: Enigma on October 21, 2019, 09:44:04 AM
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).
Title: Re: FIRE tomorrow – 401k Review – Last minute ditch effort to max out the year
Post by: Dicey on December 01, 2019, 12:48:02 PM
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!
Title: Re: FIRE tomorrow – 401k Review – Last minute ditch effort to max out the year
Post by: Sandi_k on December 01, 2019, 09:31:44 PM
How did you qualify for a SOLO 401(k) when you're employed by MegaCorp?
Title: Re: FIRE tomorrow – 401k Review – Last minute ditch effort to max out the year
Post by: Paul der Krake on December 01, 2019, 09:51:21 PM
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.
Title: Re: FIRE tomorrow – 401k Review – Last minute ditch effort to max out the year
Post by: Sandi_k on December 01, 2019, 09:56:23 PM
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.
Title: Re: FIRE tomorrow – 401k Review – Last minute ditch effort to max out the year
Post by: Enigma on January 03, 2020, 09:35:40 AM
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.
Title: Re: FIRE tomorrow – 401k Review – Last minute ditch effort to max out the year
Post by: Salim on January 04, 2020, 05:53:23 AM
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.