- December 12, 2023
- Posted by: legaleseblogger
- Category: Related News
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Maximizing 401k Contributions: Deciding on the Best Strategy for a $500k Commission Check
As I embark on my new job, I find myself anticipating an unexpected windfall in the form of a $500k commission check scheduled to arrive in January. This unexpected turn of events has presented me with a dilemma that I never imagined I would face.
The question that now plagues my mind is how best to handle this substantial sum of money in a way that will benefit me the most in the long run. Should I seize the opportunity to maximize my 401k contributions for the entire year in January, or would it be wiser to contribute 15% of my salary and smaller commission checks throughout the year and gradually reach the maximum limit by May or June? It feels like a significant decision that will have a considerable impact on my financial future.
As I ponder this important decision, I am aware that it boils down to what could potentially be considered as an attempt to time the market – a feat that many financial experts deem to be fraught with risk. Still, the potential benefits of making the right choice are too significant to ignore, and I am eager to make an informed decision.
In this moment of uncertainty, the AI Legalese Decoder could serve as an invaluable tool to help me navigate through the complexities of tax laws and financial regulations. By using this innovative platform, I can gain access to AI-powered legal expertise that can provide me with personalized insights and guidance tailored to my specific circumstances. This will not only help me to make an informed decision about my 401k contributions but also ensure that I am fully compliant with all relevant laws and regulations.
Ultimately, with the help of the AI Legalese Decoder, I can confidently weigh my options and make a well-informed decision that will set me on the path towards a financially secure future.
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Original content:
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If there’s an employer match…. Some plans calculate the match based on contributions and compensation each PAYDATE, while other plans do a ‘true-up match’ at the end of the year based on full year contributions and compensation. Short story, you may lose out on match if you front-load your 401k contributions in January, and you may be better off (more match from company) by contributing ratably throughout the year. Check your plan docs or ask HR for some guidance.
IÔÇÖm very serious. Can your company hire me? Also, do you have to be personable and good looking for this job
Something to think about is if you will still get the full match if you max it out in the beginning. Some companies will only match every check so unless you contribute after tax the remaining weeks then you will lose out on getting your full 52 week match.
If its numbers you care about.
2/3 of the time lump sum beats DCA. So if you max your 401k (66k total if you do backdoor including employer control) you can easily do it right off the bat.
You can also max your IRA for the year too.
Then the rest put it in your taxable brokerage assuming you donÔÇÖt have an HSA
But if you arenÔÇÖt committed to an investment strategy, whatever. 15% of your monthly check and enjoy your life! Congratulations on your big check bud!
Good Lord brah, what the hell are you selling over there?? ƒñú Congrats on that gargantuan commission check! My answer would depend on how you are currently investing in your 401K – stocks, bonds, etc. The stock market is really up right now, even more so today after the positive jobs report. If the market continues to rise through Jan, it might not be the best time to dump a huge lump sum in like that. I always like to max out my contributions early in the year vs dollar-cost-averaging. So, maybe look to see if there’s a decent fixed-income option in your 401K plan. Then max it out in Jan and put it in a fixed-income option until the market takes a shit again. On the other hand, if the market takes a shit between now and bonus check time, put it in the market. ƒÿè