If you’re under age 50, the total IRS limit for 401(k) contributions in 2024 from employee and employer contributions is $69,000. This means employees under age 50 can contribute up to $34,500 to the Shell Provident Fund, between pre-tax and non-Roth after-tax savings. Want to learn more on how Shell employees can maximize their company benefits and optimize their taxes? Click here to schedule a call with us:

Breaking down the contributions in 2024:

Shell company contribution: $34,500

Employee contribution to Roth or pre-tax: $23,000

Employee contribution to after-tax: $11,500

Backdoor Roth strategy: $7,000

HSA (Family): $8,300

*This example assumes $345,000 or more in annual income, Shell contributes 10% of your annual salary, for additional details on how to calculate yours see our webinar or contact us below

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If you are contributing after-tax dollars to the Shell Provident Fund, remember to roll out the after-tax funds at least once annually to a Roth IRA so that you can take advantage of the mega backdoor Roth strategy. Many Shell employees will be able to take advantage of the backdoor Roth savings strategy. Learn more here:

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We offer a complimentary first meeting for Shell professionals looking for financial guidance. Click here to schedule your free consultation:

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Willis Johnson & Associates
5847 San Felipe St., #1500
Houston, TX 77057
713.439.1200
marketing@wjohnsonassociates.com

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Disclosures:
Willis Johnson & Associates is a registered investment advisor. The information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed herein. WJA is not endorsed by or affiliated with Chevron. Corporate benefits may change at any point in time. Be sure to consult with human resources and review Summary Plan Description(s) before implementing any strategy discussed herein. Willis Johnson & Associates is not a CPA firm….(read more)

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In 2024, Shell employees under 50 will have the opportunity to greatly increase their retirement savings by being able to contribute up to $84,300 into their retirement accounts. This is a significant increase from the previous years and offers employees the chance to efficiently plan for their future.

This increase in the contribution limit is particularly advantageous for Shell employees as it allows them to take full advantage of the tax benefits that come with investing in their retirement accounts. By contributing the maximum amount allowed, employees can reduce their taxable income, ultimately saving on their tax bill while also saving for their future.

The ability to contribute up to $84,300 into retirement accounts also demonstrates Shell’s commitment to supporting their employees in planning for their financial security. By offering such a generous contribution limit, Shell is empowering their employees to take control of their financial future and strive for a comfortable retirement.

Additionally, the increased contribution limit also aligns with the growing trend of individuals taking charge of their retirement savings. With the cost of living continuously on the rise, it is increasingly important for individuals to take proactive steps in saving for retirement. The increased contribution limit empowers Shell employees to make the most of their retirement savings and strive for a secure financial future.

Furthermore, the increased contribution limit offers a valuable opportunity for Shell employees to diversify their retirement savings and invest in a wider range of assets. With a higher contribution limit, employees can explore different investment options within their retirement accounts, ultimately helping to maximize their potential returns over the long term.

In summary, the ability for Shell employees under 50 to contribute up to $84,300 into their retirement accounts in 2024 is a considerable benefit that can greatly enhance their financial security in the long run. This opportunity not only provides employees with the potential for tax savings, but also empowers them to take control of their retirement savings and work towards a comfortable and secure financial future. Shell’s commitment to supporting their employees in planning for their retirement is commendable, and this increase in the contribution limit reflects a proactive approach to prioritizing the financial well-being of their workforce.