My current and future employer both match 50% of contributions up to 7% of earned income. In effect, I can get 50% of my $18,000 contributions.
I have front-loaded my contributions at present employer, and have contributed ~ $16,500 already. The employer has matched $2,800 approximately as per my earnings to date. I didn't realize that I would be matched at the most on earnings to date, not just my own contributions.
My future employer has also a similar 401(k) plan. I would want to get the maximum possible match from them, but I'll probably overshoot my yearly contributions, when combined with the amount I've put in while at my current employer.
What options do I have at this point of time? One thing I could think of, is to contribute as much as possible to receive the maximum match from the new employer, and after the December 31st, withdraw the extra amount I have contributed to my 401(k) plans combined.
Does anyone see any issues in this?