Merry Xmas SDN Pharmers... 401k contribution

[PharmDBro2017]

Just wanted to poll of a few questions:

1) Do you max your 401k/403b? (18,500 this year, 19,000 next)

2) How long have you been working?

3) At what point in your career were you able to start putting in the maximum/how long did it take you to achieve this?



Merry Xmas everyone. Thanks to everyone who is working on this holiday (I'm on call), you are appreciated!

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[WVUPharm2007]

Yes.
Since 2008.
2013 or so.

 

[CetiAlphaFive]

Just wanted to poll of a few questions:

1) Do you max your 401k/403b? (18,500 this year, 19,000 next)
2) How long have you been working?
3) At what point in your career were you able to start putting in the maximum/how long did it take you to achieve this?



Merry Xmas everyone. Thanks to everyone who is working on this holiday (I'm on call), you are appreciated!

Nope, I put in what the company will match, then the rest goes into another retirement fund with better returns

 

[mentos]

Nope, I put in what the company will match, then the rest goes into another retirement fund with better returns

What account is that? Ticker symbol?

 

[Sine Cura]

1) Yes
2) 4 years
3) You max your 401(k) or 403(b) if it makes the most sense for your situation. Otherwise just contribute up to the match. For example I save almost 3k in federal federal + state income tax by maxing out versus contributing up to the match and I do not realize any investment income at the moment.

You might consider the opportunity costs of maxing out the 401(k), then whether the plan offers a "true up" if you front-load your 401(k) contributions at the beginning of the year, vesting schedule and types of funds available through the 401(k).

 

[PA_dud3]

Merry Christmas everyone!!!

 

[ranger99rx]

Yes
18 years
2000 but reduced to company match for 4 years to pay off the house (2008)

 

[Momus]

Maxed it since 2009, which was about 6 months after I became eligible. My company offers almost no match (very little). But, that's no reason not to max it. Hiding your taxable dividend/cap gain to be compounded for 40 years is the reason I max it. Plus, it lowers my taxable income so I don't get raped every year. All funds in Vanguard: US small cap + US large cap + international. $5500 to backdoor Roth IRA. I don't have HSA because I am not qualified for it (no high deductible health plan). The rest to taxable account. The balance in my taxable account is 3x as much as my 401k. All in Vanguards.

 

[lord999]

1. Yes
2. Intern since 2001, RPh since 2004
3. 2002, I was the fourth highest paid intern in the company at the time and then the second in 2003.

I did not have debt, but also, I stayed in Government bonds after 2008. Had both Option 2000 and 3000 as a CRW employee, and made quite a bit of money from profit sharing which went into my first house. As for TSP, I'm at six times my annual with combinations, where a less conservative TSP investor should be about eleven. An aggressive TSP investor should be at 17 or so (the theoretical perfect investor would be at 22). For other reasons discussed, it won't matter for me though.

 

[RxPreceptor]

1) Yes
2) Rph 2014, Pharmacy 2006
3) 2015, just a few months after paying off credits, personal loans, initial moving expenses, etc. after consulting with my personal accountant/financial advisor (father)

 

[njac]

Yes.

Since 2011.

I think 2012? 2013 for sure.


Sent from my iPhone using SDN mobile

 

[sakigt]

I have a 403b at work which usually has very high expenses (managed by insurance company). The expense ratio of the product Im in (Target retirement) is vanguard and quite low. I was told my employer pays all the costs but couldn't find that info on the website. I got some paper documents that to me, show that to be true. On my quarterly statements "expenses" get taken out.

Should I swap from what Im doing now? Save to match then rest to Roth. Hubbs and I are pushing 200k. Should I have a Garrett Planning dude check it out?

 

[Pharmibippy]

1. Yes
2. 2 years
3. After residency.

There's no reason that a pharmacist could not max a 401k. The tax deferment is too great as it's probably over 20%.

I guess if you were trying to pay loans aggressively you might not be able to but it's use it or lose it.

 

[meltyblend]

1) Yes

2) Since 2016

3) After I paid off my loans. So basically this year.

 

[tylenolnumber3]

5 years
Max 401k, hsa, backdoor Roth. That’s like 38k going to retirement a year

 

[metallideth]

1. Yes
2. Since 2015
3. After residency (Since 2016)