I just joined amazon and want to max out my 401k and take advantage of the Mega Backdoor Roth IRA. Is this possible with Amazons plan? And does Amazon provide access to a financial planner or tax rep as part of their benefits? TC 240k 4 YOE
Don’t forget that nothing is vested if you leave amazon before year 3 ;)
You won't even be able to put the Max 19k because of the HCE discrimination test. Welcome to Amazon
How much can I generally put in? When is the test? And do I get the capital gains even if my original investment is returned?
Fuck. Guess I’ll keep leetcoding. This’ll make a fine stepping stone.
What's the point of doing a mega backdoor unless you plan on retiring later in life anyways? In which case 21-ish thousand a year is a pretty good amount.
17ish thousand after the hce discrimination test. I do plan to retire later. 4k+ per year is a big deal. Looks like amazon is a pop off for me. Hopefully I can squeeze leetcode into the bezos schedule.
I don’t need general advice. I was trying to do the Mega Backdoor loop hole, without going to prison, but was foiled by the frugality LP.
Lol Charles Schwab. TFW you work at a financial institution and don't know what a very basic financial perk even is.
After amazon got switched to fidelity, now they offer upto 4% match in 401k.
Instead of 2% match, it's now 4%? Or are you referring to the 50% match up to 4% of base salary?
fast forward in 2022. Does Amazon offer Mega backdoor now?
Yes
No. Amazon does not offer after-tax contributions on its 401k.
Damn. Simplifies things I guess. Their 401k sucks in every way, huh. Glad my salary just ballooned. Sure am going to miss IBMs 6% match.