The Money Mustache Community
General Discussion => Post-FIRE => Topic started by: Weathering on August 26, 2017, 08:08:12 PM
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My employment ended earlier this year and before I could get $18.5K into my 401k for 2017. Do I have any options for other retirement saving in 2017? Individual 401k, ??? I won't be working again in 2017.
(I have deposited $5,500 into my IRA in 2017. I only earned $90K in 2017 (married filing jointly: total income of $250k) so maybe I can make that a Roth instead of traditional).
I'd like to put more into tax advantaged accounts if possible.
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Is it all wage income, i.e. W2? If so, I think you've exhausted your options.
If it's small business or 1099 income, you have more options
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I agree with you, and what you are proposing is closer to the Canadian model: as long as you have earned income, you can open a tax advantaged account (RRSP) with any provider. You contribute up to your maximum, and get a tax refund to even things out.
You don't have all the horrible plans and hideous fees in Canada (the mutual funds themselves are not great, but not as bad as some American 401ks I've seen)
My understanding is that it is VERY profitable to manage employer plans and tack on fees, so I imagine there would be a lot of political push-back from well connected industries if anything tried to change in the US.