deleted

[B52slinger]

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answered elsewhere

 

[cyanide12345678]

I'm pretty new to finances and am learning about cash/defined benefits plans.

Say I am a single 30 year-old attending making 500k/year as a 1099 contractor doing full-time locums.

Would I be able to invest 66k (max limit) to my solo 401k and 70k into my cash balance plan pre-tax and thus easily save 320k/year while spending 60k/year in a medium COL zero state tax state? This sounds too good to be true...

American Funds

Sounds roughly right. At least Back of the napkin math that i just did in my head seems to support it. Probably could be even lower if you deduct appropriate business expenses.

When we made 500k, we probably saved 270-280k a year because our expenses were minimal since we lived in a 2 bedroom apartment in one of the cheapest cities in the US.