Howdy everyone,
I just landed a 2nd job in healthcare and I am wondering how to best maximise my retirement accounts. I currently work full time at a hospital with a 401k. The match is low only 1.5% up to 6%. I have been maxing this out for the past 3 years, front-loading with 30% contributions. (Not sure if this is better?) I contribution to a Fidelity low cost S&P index fund 100%. I will add bonds as I age, currently 35 and have a risk high risk tolerance. 2020 drop didn't even flinch, bought more.
The job I just got has a 403(b), not sure if this makes a difference. They offer a better match, 3.5% up to 6% plus a supplemental annual match that goes up depending how long you worked for the company up to 2.75% max. This is just a part-time job, but I am allowed to full contribute to their 403(b). Not sure what investment funds they offer yet, at least target date funds. I may even leave the first job (or go contingent) and work full-time at the 2nd hosptial eventually.
Would my best option be contributing 6% to my new job to get the full match, and 6% to my old full time job for their match and max out the rest as normal up to the 23k max for 2024. Would I have have to be meticulous with my math to figure out the percentage to contribute to both to not go over the 23k limit? And what happens if I do? Thank you!
I just landed a 2nd job in healthcare and I am wondering how to best maximise my retirement accounts. I currently work full time at a hospital with a 401k. The match is low only 1.5% up to 6%. I have been maxing this out for the past 3 years, front-loading with 30% contributions. (Not sure if this is better?) I contribution to a Fidelity low cost S&P index fund 100%. I will add bonds as I age, currently 35 and have a risk high risk tolerance. 2020 drop didn't even flinch, bought more.
The job I just got has a 403(b), not sure if this makes a difference. They offer a better match, 3.5% up to 6% plus a supplemental annual match that goes up depending how long you worked for the company up to 2.75% max. This is just a part-time job, but I am allowed to full contribute to their 403(b). Not sure what investment funds they offer yet, at least target date funds. I may even leave the first job (or go contingent) and work full-time at the 2nd hosptial eventually.
Would my best option be contributing 6% to my new job to get the full match, and 6% to my old full time job for their match and max out the rest as normal up to the 23k max for 2024. Would I have have to be meticulous with my math to figure out the percentage to contribute to both to not go over the 23k limit? And what happens if I do? Thank you!
Statistics: Posted by ChrisO — Wed Jun 12, 2024 6:04 pm — Replies 1 — Views 237
