This is probably not the right time to think about this, but I'm pondering whether to change my approach to retirement savings. This last year I started contributing to a 401K through the clinic I work at. When I did, I moved from fully funding my Roth IRA to putting 15% of clinic income into the 401K and 15% of business income into the Roth IRA. At times, this total combined was more than the Roth limit, but now that I have lower income, it is less. I like the concept of 15% across all income, but I hate not fully funding the Roth.
I am thinking about switching in 2016 to minimizing or eliminating the 401K at least at first, and instead putting a standard $500/mo into my RothIRA. This has it fully funded as of the end of November and leaves the $500 for Christmas spending next year. $5500 is 15% of $36,667 gross income, which I should hit. I would track cumulative gross income and then as it goes over the $36,6667 amount, put the additional 15% into the 401K. It might leave me stretching a bit during leaner months, but at least I'd have a set base BS4 amount, and preplanned Christmas savings.
I need to run budget numbers to see exactly how this affects the monthly, but I think it's doable. What do you guys think?