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I've long been curious, are there places that do a 200% match to hit this? That would be super appealing to me as a prospective employee.
by mindvirus 5y ago
I've long been curious, are there places that do a 200% match to hit this? That would be super appealing to me as a prospective employee.
- cnst 5y agoEvery company has a different way of matching 401k: https://www.levels.fyi/benefits/401k/ https://www.levels.fyi/benefits/401k/ It's actually more complicated than it looks, because the base salaries and total compensation may also differ substantially between the companies, so you can't really compare 401k alone. Usually the way to hit the 58k limit is through the Megabackdoor: https://www.levels.fyi/benefits/Mega-Backdoor-Roth-IRA/ https://www.levels.fyi/benefits/Mega-Backdoor-Roth-IRA/
- missedthecue 5y agoIt's not exactly in a company's best interest to have all of their employees retiring in their mid thirties.
- lotsofpulp 5y agoThe only reason they would be paying enough for mega backdoor Roths is if they were betting they could not find employees they want that would take less.
- gowld 5y agowhich is why they should want to support employees saving for age 60+ retirement so they don't feel rich at 30.
- mrep 5y agoMega backdoor roth allows you to hit that. Might go away this year though so we will see how employers respond.
- ryandrake 5y agoJust to be pedantic, it's post-tax contributions that allow (very high earners) to hit that. You may choose to do a mega backdoor roth with those post-tax contributions if your plan allows it, but you can hit the limit without doing a mega backdoor, just by contributing post-tax to your 401(k).
- kyawzazaw 5y agoVisa does 200% match but up to a certain % of base salary. Theoretically, possible.
- Consultant32452 5y agoI feel like those things are basically for small business owners. I max all that stuff out plus max the profit sharing limits for myself. Never had an employer come even close.
- freefal 5y agoNo, but you can hit it via after-tax 401k contributions and then convert those to a Roth IRA (i.e., Mega Backdoor Roth)
- rhino369 5y agoSome basically give you a “bonus” (or even part of your salary) that is just given in the form of a mandatory 401k contribution. At one company, my salary was stated as X, but it was really .97X plus .03X 401k contribution.