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I believe you can do what you suggest as long as your plan allows the percentage of contribution that you would have to use. A couple of points of caution, however.
If you end up reaching your maximum contribution then continue to work you may miss out on some of your employers matching contributions if they provide them. Check with your plan.
If you reach your maximum contribution early in the year and then change jobs you may not be able to contribute to your new employers plan.

Bob
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