I come to realize how it can greatly impact retirement savings amount whether or not your 401k has support for mega backdoor Roth. More specifically, the plan needs to have the following feature: - After-tax contribution up to 57k per year. - In-service withdrawal to Roth IRA. Below is a list of companies supporting it, based on my prior knowledge and the contribution from others in this thread. Please share if your company supports this. I’ll go ahead and add it to the list and keep it growing. Thanks! - Google - Facebook - Microsoft - LinkedIn - Oracle - Qualcomm - Salesforce - Amazon (seemingly capped at 10% of base salary) - Apple - Nvidia - Netflix - Snapchat - Pinterest - Expedia - Intel - VMware - Airbnb - Cruise - Pfizer #personalfinance #investments #401k #retirement #benefits
+1
Qualcomm
Salesforce
What’s the difference between me doing the backdoor myself or doing through company?
I’m assuming you mean the backdoor Roth through a traditional IRA? The major difference is you can only contribute $6k this way.
Amazon does as of this year via Fidelity
But capped at 10% of your base salary. Max 16k
Source? I’ve never seen this
Can you do both mega back door roth 401k and Back door ira ?
Yep
Apple allows it as well
Nvidia has it.
🤚
LinkedIn has it.