Hi everyone!
I opened up an IRA account and I definitely plan on maxing it out this year. Super excited!
My employer doesn't offer a 401k (I work at a restaurant). But IF I ever do have a 401k one day, I know the rule of thumb is to max employer match, followed by maxing IRA, followed by contributing more on top of the 401k. My question is: is this taken literally? For example, do you literally work on nothing but the $5500 IRA until it's full, and then contribute to the 401k? Or is this not meant to be literal and you can allocate to both at the same time?
Sorry if it's a stupid question- I'm a beginner and I'm trying to wrap my head around all of this!
Submitted January 19, 2019 at 10:11PM by ariel_yogi http://bit.ly/2HmBcRO
