Congratulations! You survived review week at Microsoft. The month of September is an exciting time for Microsoft employees. During the month, the focus is on reviews, raises, RSUs, and promotions.
Three things probably happened to you in September. You probably received a raise, you were granted more RSUs, and you may have got that promotion you were hoping for. In this video we show you ways to make the most of your newfound wealth and pay yourself first!
00:24 Fully fund your 401(k)
Once you have maxed out your regular 401(k) contributions, be sure to leverage the Microsoft Mega Backdoor Roth benefit. You can contribute thousands more in after-tax dollars, up to the Federal limit, when you take advantage of what we think is one of best available to Microsoft employees.
➡️ ➡️ Microsoft Mega Backdoor Roth resources:
• Microsoft Mega Backdoo...
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00:52 Contribute to your Health Savings Account (HSA).
This is the only triple tax-advantage account available to you. The money you contribute goes in tax-deferred, the money in the account grows tax-free, and when you withdraw the money, you can do so tax-free - as long as the funds are used for medical expenses.
➡️ ➡️ HSA resources:
• WHAT IS A HEALTH SAVIN...
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01:10 After you do items #1 and #2, consider making a non-deductible IRA contribution.
You can convert this to a Roth and contribute up to $6,000.
01:29 Did you get a promotion? If so, and you were promoted to Level 67 or higher you have a big decision to make in November.
This is when the Deferred Compensation window opens. Beginning November 1 thru November 30th, you can elect to defer up to 75% of next year’s salary. This decision can really affect your 2022 tax bill.
➡️ ➡️ Microsoft Deferred Compensation Resources:
• MICROSOFT DEFERRED COM...
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► FIND Dave Welty, CFP® on LinkedIn: linkedin.com/in/davewelty
► MICROSOFT RESOURCES www.avieradvis... More information for Microsoft employees on their benefits including the Microsoft 401k plan, Mega Backdoor Roth, Sustainable Investing, and RSUs.
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We focus on providing comprehensive financial planning and investment advisory strategies for tech professionals and their families.
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Third Party: Avier Wealth Advisors is not affiliated with Microsoft. There is no guarantee that the information we have provided is accurate. Microsoft 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.
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