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

Maximize your AMAZON 401(k) by utilizing the Mega 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 Amazon 401(k) contribution limits:
🔸Under 50 years old: $23,000
🔸50 or older: $30,500

Amazon Employer Match
50% match on the first 4% contributed, meaning they will contribute 2% of your base salary to your 401(k). The maximum amount Amazon can match in 2024 is $6,900.

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

Use the Amazon Mega Backdoor Roth to contribute up to an additional $39,100 and then convert those dollars to Roth.
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⏲️Timestamps
00:00 Introduction
00:16 2024 401(k) Contribution Limits
00:33 2024 Mega Backdoor Roth Example
01:18 Roth Benefits

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RESOURCES FOR AMAZON 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 Amazon. There is no guarantee that the information we have provided is accurate. Amazon 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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Are you looking to maximize your retirement savings in 2024? Look no further than the Amazon 401(k) plan and the Mega Backdoor Roth option. These two powerful retirement savings vehicles can help you save thousands towards your retirement goals.

The Amazon 401(k) plan is a great way to save for retirement, especially with the company’s generous match. By contributing to your 401(k) plan, you can take advantage of tax-deferred growth on your investments and free money from your employer in the form of a match. This can significantly boost your retirement savings over time.

But did you know that the Amazon 401(k) plan also offers a Mega Backdoor Roth option? This allows you to contribute even more money to your retirement savings and enjoy tax-free growth on your investments.

Here’s how the Mega Backdoor Roth works: in addition to the regular 401(k) contribution limit of $19,500 in 2024 (or $26,000 if you are 50 or older), you can also make after-tax contributions to your 401(k) plan. Once these after-tax contributions are in your account, you can then roll them over into a Roth IRA, where they can grow tax-free.

This strategy can be particularly beneficial for high-earners who are not eligible to contribute to a Roth IRA due to income limits. By using the Mega Backdoor Roth, you can effectively bypass these income limits and enjoy the benefits of tax-free growth on a portion of your retirement savings.

To take advantage of the Mega Backdoor Roth, you’ll need to be aware of the contribution limits for your 401(k) plan. While the overall limit for 401(k) contributions in 2024 is $61,000 (or $67,500 if you are 50 or older), this includes both your pre-tax and Roth 401(k) contributions as well as any employer match. Be sure to coordinate with your plan administrator to ensure that you don’t exceed these limits.

It’s important to note that the Mega Backdoor Roth strategy may not be available in all 401(k) plans, so it’s worth checking with your plan administrator to see if it’s an option for you.

By taking advantage of the Amazon 401(k) plan and the Mega Backdoor Roth option, you can supercharge your retirement savings and potentially save thousands towards your retirement goals. Whether you’re just starting out in your career or approaching retirement, these powerful savings vehicles can help you secure a comfortable and enjoyable retirement.

In conclusion, the Amazon 401(k) plan and the Mega Backdoor Roth can be powerful tools for saving for retirement. By maximizing your contributions and taking advantage of tax-free growth, you can set yourself up for a secure and enjoyable retirement. Be sure to explore these options and talk to a financial planner to see how they can work for you. With careful planning and proactive saving, you can build a robust nest egg and enjoy your golden years to the fullest.