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Bonus Info | Fairygodboss
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Anonymous
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Stacey Champagne
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26
Founder & CEO of Hacker in Heels
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Be sure to account for the contributions you may have made to your 401K already throughout the year. Then if you have access to other tax-advantaged accounts (HSA, IRA, etc.) max those out as well. Highly recommend looking at Factora's "Six-Figure Savings" program to learn more about all these different accounts.
Bel Thompson
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81
Experienced operations professional.
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You have many more options other than a 401K. I could give you an overview and link you with a financial broker. She will give you information; if you want to move forward, she'll recommend the right financial firm for you. And, the best part is it's free. Please message me if you are interested.
Bel Thompson
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81
Experienced operations professional.
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And congratulations!
Jackie Ruka
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1.27k
ProfessionalHappyologist Thrive in your purpose.
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Do you want have a financial planner? I ask because you could make more interest with other financial products outside of a 401k
Jacquelyn Lloyd
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581
HR Consultant
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Also - congratulations! That is really fantastic news. Well done!
Jacquelyn Lloyd
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581
HR Consultant
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Do what the others said first, then look at your FSA and any other pre-tax savings you can take advantage of. Be aware that bonus usually gets taxed at a higher rate - so you will likely only be getting about two-thirds of what you are anticipating.
Anonymous
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It makes sense, but check you annual contribution first - The max you can contribute tax-free to a 401(k) per year is $19,000. I would still plan to max it out as others have said, but make sure you take a look at what you've contributed so far. I'm guessing if you might be in line for a $30k bonus the possibility of already having 10k in your 401(K) is a possibility.
M Elizabeth Ingram
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514
HR, administration, & benefits at work; mom of 2
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And in 2021, the 401(k) max is increased to $19,500.
Victoria Kulli
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17
Manager, Infusion Center
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If you’re not fleshing out your 401K fully, then I would advise putting the MAX amount in your 401K. The tax advantages are tremendous. You weren’t “needing” this money in the first place. Enjoy whatever is left over for anything you would like to use it for.
Erin Sarin
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13
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Max out your retirement plan! After that, if you are enrolled in a high deductible health plan, contribute to an HSA. You should also look into IRAs.