Fun 401k milestone

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Topic Author
uwbadgers
Posts: 83
Joined: Mon Aug 25, 2014 3:36 pm

Fun 401k milestone

Post by uwbadgers »

We’ve been fortunate enough to be able to max 2 Roth IRA and 1 401k for the past 6 years or so (no 401k for my job).

But, most years it’s taken most of the year or we did it slowly, typically just due to cash flow balance.

This year though we had enough savings from last year that we plugged both ROTH’s Jan 1 and as of tomorrow the 401k will be filled at 19.5k.

Not a bad 2 months!

Kind of a relief to have 31.5k saved for the year.

One side note, my wife’s job can be really variable, as in, 30k months and 1k months (home mortgage originator). So, it’s hard to average out her 401k contributions so with a few early months that were big we went for it.

We will put some in taxable now but also decided to push hard at this and spend a little more freely now :)

Not many people besides my wife I can share this with. Thanks for listening!
niceguy7376
Posts: 2883
Joined: Wed Jul 10, 2013 2:59 pm
Location: Metro ATL

Re: Fun 401k milestone

Post by niceguy7376 »

uwbadgers wrote: Thu Mar 05, 2020 4:12 pm Not many people besides my wife I can share this with. Thanks for listening!
Congrats on reaching a milestone. If your spouse is into loan origination business, then it would keep them busy for the next few months.
rkhusky
Posts: 10909
Joined: Thu Aug 18, 2011 8:09 pm

Re: Fun 401k milestone

Post by rkhusky »

Hope you get the full employer match.
Topic Author
uwbadgers
Posts: 83
Joined: Mon Aug 25, 2014 3:36 pm

Re: Fun 401k milestone

Post by uwbadgers »

niceguy7376 wrote: Thu Mar 05, 2020 4:21 pm
uwbadgers wrote: Thu Mar 05, 2020 4:12 pm Not many people besides my wife I can share this with. Thanks for listening!
Congrats on reaching a milestone. If your spouse is into loan origination business, then it would keep them busy for the next few months.
Yes, she’s VERY busy right now. Also we love in Midwest so this is typically when things really pick up.
Topic Author
uwbadgers
Posts: 83
Joined: Mon Aug 25, 2014 3:36 pm

Re: Fun 401k milestone

Post by uwbadgers »

rkhusky wrote: Thu Mar 05, 2020 4:24 pm Hope you get the full employer match.
I/we will be honest, never actually thought of this or knew it mattered.

I just looked up info and it says:

“......matching contribution of $1 for every $1 eligible employees contribute during 2020, up to 4% of eligible pay.”

“The annual matching contribution is based on the actual total dollar amount you contribute during the year as a percentage of your total eligible 401k savings plan compensation for the year.”

The match always is deposited yearly about 2 months into the new year.

So, reading that over, I think all is ok. Yeah?
rkhusky
Posts: 10909
Joined: Thu Aug 18, 2011 8:09 pm

Re: Fun 401k milestone

Post by rkhusky »

uwbadgers wrote: Thu Mar 05, 2020 4:38 pm
rkhusky wrote: Thu Mar 05, 2020 4:24 pm Hope you get the full employer match.
I/we will be honest, never actually thought of this or knew it mattered.

I just looked up info and it says:

“......matching contribution of $1 for every $1 eligible employees contribute during 2020, up to 4% of eligible pay.”

“The annual matching contribution is based on the actual total dollar amount you contribute during the year as a percentage of your total eligible 401k savings plan compensation for the year.”

The match always is deposited yearly about 2 months into the new year.

So, reading that over, I think all is ok. Yeah?
Sounds like you should be good to go. Some plans require that you contribute each paycheck and the matching is done on each paycheck.
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