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Recently lost my job and decided to try out the freelancer route. I am in my early 40s and I expect to make about $150k before tax. I have a few questions about setting up a my 401k and IRA.

Already existing accounts:

  • 401k plan with old employer, about $22k (Fidelity)
  • Traditional IRA, about $14k (Vanguard)
  • Rollover IRA, $0 (Fidelity)

What I am planning to do:

  1. Rollover the Traditional IRA (Vanguard) into a Rollover IRA (Fidelity)
  2. Rollover the old 401K (Fidelity) into a Rollover IRA (Fidelity)
  3. Create a backdoor Roth IRA
  4. Transfer the funds ($36K) from the Rollover IRA into the backdoor Roth IRA
  5. Set up a solo 401k (Fidelity)
  6. For 2020, contribute $57K into the solo 401K and $6000 into the backdoor Roth IRA

I know I am late to the retirement game. That's why I'd like to max out the contributions. Please let me know if I am missing something or something is wrong. Very much appreciate the help!

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