In 2023, you can contribute up to $66,000 if you’re under 50 and $73,500 if you’re 50 or older to your Meta 401(k). 👉 You can fully leverage these limits by taking advantage of the Meta Mega Backdoor Roth. This is a powerful benefit within your 401(k). It allows you to contribute after-tax dollars and convert those dollars to Roth. **** SUBSCRIBE to our channel to view more videos created for Meta employees FIND Angela Sorensen, CFP®, ECA, MBA on LinkedIn: FREE RESOURCES for Meta professionals at ****** Avier Wealth Advisors 425-467-1011 10655 NE 4th Street, Suite 500 Bellevue, WA 98004 info@avieradvisors.com Website: We focus on providing comprehensive financial planning and investment advisory strategies for tech professionals and their families. Third Party: Avier Wealth Advisors is not affiliated with Meta. There is no guarantee that the information we have provided is accurate. Meta 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. #shorts...(read more)
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The META Mega Backdoor Roth has been a popular retirement savings strategy for high earners since its inception. However, with the changing tax laws and retirement plan rules, it is crucial to understand the updates and modifications that have come into effect for the year 2023. So, what’s new for the META Mega Backdoor Roth in 2023? Let’s take a closer look. Increased Contribution Limits One of the most significant updates to the META Mega Backdoor Roth for 2023 is an increase in the contribution limits. As of the 2023 fiscal year, individuals can contribute up to $39,000 per year. The new limits not only allow high earners to save more aggressively for their retirement but also facilitate bigger tax benefits for the contribution. Catch-up Contributions Another addition to the META Mega Backdoor Roth in 2023 is the availability of catch-up contributions. Individuals over the age of 50 can contribute an additional $6,500 in 2023, allowing them to save up to $45,500 annually. Withdrawal Rules The updated META Mega Backdoor Roth rules will also allow more flexibility when it comes to withdrawal. Previously, individuals were required to wait until they were 59 ½ years old to take out their contributions tax-free. However, in 2023, individuals can withdraw their contributions, including earnings, tax-free, after five years of opening the account, providing them more liquidity in their IRA. Associated Rules and Regulations There are other rules and regulations associated with the META Mega Backdoor Roth. These include: - The contribution limit for traditional and Roth IRAs has been raised to $7,000 in 2023, allowing eligible individuals to contribute $14,000 per year if they maximize both types of IRA. - The income limit to contribute to a Roth IRA has increased for 2023. Individuals with an adjusted gross income of up to $144,000 can fully contribute, and those with an AGI between $144,000 and $154,000 can contribute on a reduced scale. In conclusion, the META Mega Backdoor Roth will provide high earners with enhanced earning potential and tax benefits in 2023. With increased contribution limits, catch-up contributions, and withdrawal rules, it may become the preferred retirement savings option to accumulate tax-free income for retirement. However, it is essential to consult with a financial advisor to determine if it is advisable for your specific needs and circumstances. https://inflationprotection.org/whats-new-for-the-meta-mega-backdoor-roth-in-2023/?feed_id=76434&_unique_id=6406b492a702a #Inflation #Retirement #GoldIRA #Wealth #Investing #backdoorroth #MegaBackdoorContribution #MegaBackdoorRoth #megabackdoorroth2023 #MegaBackdoorRoth401k #meta #metaemployeebenefits #metamegabackdoorroth2023 #personalfinance #RothIRA #whatisamegabackdoorrothira #BackdoorRothIRA #backdoorroth #MegaBackdoorContribution #MegaBackdoorRoth #megabackdoorroth2023 #MegaBackdoorRoth401k #meta #metaemployeebenefits #metamegabackdoorroth2023 #personalfinance #RothIRA #whatisamegabackdoorrothira
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