I contribute a maximum (18k) to my employers 401k. They give 5% match. It is a target fund ISJIX.
My question is: Can I have 2 active 401k?
- Employee sponsored 5% only to get advantage of the match.
- Open 401k account with Vanguard and contribute the rest to VTIVX.
If that is possible. Will Vanguard have access to my payroll somehow to withdraw before tax? Or would I need to contribute after tax and then somehow claim deduction?
Also, there is yearly and some changes to paycheck. So the employer knows how much is contributed and stops withdrawal automatically when I reach the limit. I assume that with two accounts, it will become my responsibility to see that I don't over contribute across the two accounts.
P.S. I don't have a side job (so I guess I don't qualify for solo 401k)