** New video: 2024 Meta 401(k) • 2024 META 401(k) & Meg...
In 2023, you can contribute up to $66,000 if you’re under 50 and $73,500 if you’re 50 or older to your Meta 401(k).
You can fully leverage these limits by taking advantage of the Meta Mega Backdoor Roth. This is a powerful benefit within your 401(k). It allows you to contribute after-tax dollars and convert those dollars to Roth.
Video Highlights:
00:00 Introduction
00:17 Meta Mega Backdoor Roth
00:46 2023 Federal 401k Limits
00:59 Meta Mega Backdoor Roth Example
Your 401(k) contributions also increased in 2023. If you’re under 50 you can contribute up to $22,500 and if you’re 50 or older you can contribute up to $30,000. Meta will match dollar for dollar, up to 50% of the IRS federal limit. You can earn up to an additional $11,250 in free money from Meta, if you’re under 50.
If you’re 50 or older Meta will also match 50% of your catch-up contribution. This is an additional $3,750 on top of the $11,250 for a total match of $15,000.
******
LIKE this video? HIT the like button!
SUBSCRIBE to our channel to view more videos created for highly compensated tech professionals www.bitly.com/...
FIND Angela Sorensen, CFP®, ECA, MBA on LinkedIn: / angela-sorensen
RESOURCES for Meta professionals at www.avieradvis...
******
Using the Mega Backdoor Roth feature, Meta employees can contribute up to the federal limit. Here’s an example of how an employee, under 50 years old, can save $32,250 to a Roth:
-- 401(k) contribution: $22,500 (pre-tax or Roth)
-- Earn Meta match: $11,250
-- After-tax contribution converted to Roth: $32,250
Your after-tax contribution, along with your 401(k) contribution and employer match = $66,000.
The Mega Backdoor Roth is a way for high-income earners to utilize the benefits of a Roth. Within a Roth your money grows tax-free. These same dollars and the interest earned can be tax-free when accessed in retirement.
Having additional money in a Roth account enables you to manage your retirement distributions. This gives you more control over future taxable income.
*******************************
Avier Wealth Advisors
425-467-1011
10655 NE 4th Street, Suite 500
Bellevue, WA 98004
info@avieradvisors.com
Website: avieradvisors....
We focus on providing comprehensive financial planning and investment advisory strategies for tech professionals and their families
Third Party: Avier Wealth Advisors is not affiliated with Meta. There is no guarantee that the information we have provided is accurate. Meta employees are encouraged to contact their employer should they have any questions regarding their employee benefits.
Taxes: Avier Wealth Advisors does not prepare taxes. The tax ideas presented are meant to demonstrate general concepts rather than precise calculations. We consult with your tax professional for exact calculations.
8 сен 2024
