Strategies to make the most out of your META employee benefits.

Maximize your META 401(k) by utilizing the Backdoor Roth provision. The Mega Backdoor Roth allows you to invest beyond the traditional 401(k) limits. Contribute after-tax dollars and convert those dollars to Roth. Grow your savings for retirement — tax-free.

Video takeaways:

2024 401(k) contribution limits:
— Under 50 years old: $23,000
— 50 or older: $30,500

META Employer Match
— Under 50: META will match 50% of your contribution – up to $11,500.
— 50 or older: META will also match 50% of your catch-up contribution. This is an additional $3,750 for a total match of $15,250.

The META Mega Backdoor Roth
2024 TOTAL 401(k) contribution limits:
— Under 50 years old: $69,000
— 50 or older: $76,500

Use the Mega Backdoor Roth to contribute after-tax dollars – over and above the traditional 2024 contribution limits. Meta allows you to contribute up to the Federal limit – this means you can contribute up to $34,500 to a Roth this year ($30,750 if you’re 50 or older)!
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⏲️Timestamps
00:00 Introduction
00:12 2024 Meta 401(k) Contribution Limits
00:31 2024 Meta Mega Backdoor Roth Example
01:11 Mega Backdoor Roth Benefits
01:41 Optimize Your Meta Comp
02:02 Cashflow Planning

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RESOURCES FOR META EMPLOYEES

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Avier Wealth Advisors
10655 NE 4th Street, Suite 500
Bellevue, WA 98004
info@avieradvisors.com

We focus on providing comprehensive financial planning and investment advisory strategies for tech professionals and their families.

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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….(read more)

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2024 META 401(k) & Mega Backdoor Roth: Save Thousands Towards Retirement

As the new year approaches, it’s time to start thinking about our financial goals for the future, particularly when it comes to retirement savings. For many Americans, employer-sponsored 401(k) plans are an essential part of their long-term financial strategy. However, there are also lesser-known retirement savings options that can significantly boost your savings potential. In 2024, two such options are the META 401(k) and the Mega Backdoor Roth, which offer the opportunity to save thousands towards retirement.

The META 401(k) is a relatively new retirement savings vehicle that offers high-income earners the opportunity to save even more for retirement. Unlike traditional 401(k) plans, which have annual contribution limits set by the IRS, the META 401(k) allows participants to contribute up to $61,000 in 2023, including both employee and employer contributions. This is significantly higher than the standard 401(k) contribution limit of $19,500, making it an attractive option for those who are looking to maximize their retirement savings.

Another retirement savings strategy that has been gaining traction in recent years is the Mega Backdoor Roth. This method allows for even more after-tax contributions to a Roth IRA, on top of the regular contribution limits. It involves making after-tax contributions to a traditional 401(k) plan, then converting those contributions to a Roth IRA, where they can grow tax-free. For 2024, the annual contribution limit for a Roth IRA is $6,000, or $7,000 for those over 50, and the Mega Backdoor Roth provides a way to save even more money towards retirement in a tax-advantaged account.

When used in conjunction, the META 401(k) and Mega Backdoor Roth can be powerful tools for high-income earners who are looking to maximize their retirement savings potential. By taking advantage of both options, individuals can potentially save tens of thousands of dollars more towards retirement each year, allowing them to build a more secure financial future.

It’s important to note that both the META 401(k) and Mega Backdoor Roth are complex savings strategies that may not be suitable for everyone. It’s essential to consult with a financial advisor to determine if these options are right for your specific financial situation.

In conclusion, as we look towards 2024, it’s important to explore all available options for saving towards retirement. The META 401(k) and Mega Backdoor Roth are two lesser-known strategies that offer the potential to significantly boost retirement savings, particularly for high-income earners. By understanding and leveraging these options, individuals can take a proactive approach towards securing their financial future and enjoying a comfortable retirement.