Did you know you could save more after-tax dollars in your Amazon 401k? You can then move the after-tax savings to a Roth 401k to withdraw tax-free down the road. Watch this to understand the details.

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Financial Symmetry is a Registered Investment Advisor in Raleigh, NC. This video is for informational purposes only and does not constitute individualized advice or a guarantee that you will achieve a desired result. You should consult with appropriate tax and financial advisors for advice specific to your situation.

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Title: How to Maximize Savings in Your Amazon Mega Back Door Roth 401k Webinar

Introduction:
The Amazon Mega Back Door Roth 401k allows employees to make substantial pre- and after-tax contributions, providing a unique opportunity to save more for retirement. To help you navigate this advantageous retirement plan, this article will guide you through the steps to save more and maximize your benefits in your Amazon Mega Back Door Roth 401k webinar.

Understand the Basics:
Before diving into the strategies, it’s essential to understand the basics of the Amazon Mega Back Door Roth 401k. Unlike traditional 401k plans, this option grants employees the ability to contribute after-tax money above and beyond the standard contribution limit. These contributions can subsequently be rolled over into a Roth IRA, offering tax-free growth and withdrawals in retirement.

Take Advantage of the After-Tax Contribution Limit:
The first step to saving more in your Amazon Mega Back Door Roth 401k is to ensure you hit the after-tax contribution limit. In 2021, this limit is set at $58,000, including any employer matches or contributions. Calculate your current contributions and adjust them to be as close to this limit as possible.

Coordinate With Your Payroll Department:
To optimize your savings, coordinate with your company’s payroll department to check if they offer the feature to make in-service after-tax contributions. Ensure that you have permission to increase your after-tax contributions and explore any possible restrictions that may apply within your organization.

Optimize Your Bonus and Commission Payments:
If your bonus or commission payments are not automatically deducted from your paycheck, consider diverting a portion of these earnings towards your after-tax contributions. By doing this, you can exponentially increase your savings rate while minimizing the impact on your take-home pay.

Consider Regular After-Tax Contributions:
In addition to optimizing your bonus and commission payments, consider making regular after-tax contributions throughout the year. By dividing the annual after-tax limit ($58,000 in 2021) by the number of pay periods, you can determine the amount to contribute each payday. This approach helps spread out your savings, making them more manageable.

Roll Over After-Tax Contributions to a Roth IRA:
To make the most of your after-tax contributions, roll them over into a Roth IRA. This can be done periodically or at the end of the year, depending on your company’s policies. By transferring funds to a Roth IRA, your savings will grow tax-free, and withdrawals in retirement will also be tax-free.

Monitor Tax Implications:
While the Mega Back Door Roth 401k offers substantial tax benefits, it’s crucial to monitor the tax implications for you and your financial situation. Consult with a financial advisor or tax professional who can provide personalized guidance, ensuring you make informed decisions aligned with your long-term goals.

Conclusion:
The Amazon Mega Back Door Roth 401k is a remarkable tool for employees who wish to save more for their retirement. By familiarizing yourself with its features and implementing the strategies mentioned above, you can leverage this unique opportunity to maximize your savings. Remember, seek professional advice when needed, and make consistent efforts to monitor and adjust your contributions as your financial circumstances evolve.