For a New Paltz freelancer, solo 401k vs 529 is rarely a both-this-year decision. Here is the honest order of operations for self-employed retirement savings, why retirement comes before college, and how a variable income funds each one off an uneven year.
Written by Peter Guggisberg, Financial Services Representative with Vermont Financial Group of NY (a MassMutual general agency) and the advisor behind Noah's Ark Financial.
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Every summer I watch loving Hudson Valley parents get college savings vs retirement backwards, pouring money into the 529 while their own retirement quietly falls behind. Here is the honest order I walk families through, why you can borrow for one but not the other, and how to fund both without shortchanging your future self.
You meant to max the 401k this year, and the first six months got away from you. The good news most Hudson Valley households miss: the contribution limit is annual, not monthly, so a lot of the room you left on the table in the spring is still catchable before December. Here is how much, and how the H2 paycheck math actually works.
The question I keep hearing at intake this June: how much do I need to retire. My take on why the lump-sum number misleads and what to size instead.
Your family, your numbers
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