Hey are you aware of the "mega backdoor roth"? This allows you to contribute up to $57,000 in a 401k and bypasses the $19,000 per year limit. It's legal and most big companies like Google, Facebook, Oracle allows you to do this. I'm not sure if Foodservice companies like Sysco/Mclane/etc. allow it thats why I am asking.
Yes $57k is a lot. But I am single and frugal and I know foodservice truck drivers can make $100k+
Foodservice companies that have 401k benefits
Discussion in 'Questions From New Drivers' started by drewpoco, Sep 16, 2021.
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Basically, I am asking because I want to contribute more than $19,000 per year tax-free in my 401k. The megabackdoor roth allows you to do this up to $57,000 including employer match. But, it requires a very specific 401k structure: one that allows after-tax contributions after you max out the $19,000 and in-service distributions. -
drewpoco Thanks this.
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Best thing is, like I said before, put together a short list of outfits you’re considering and then ask them some 401k questions to figure out which has the best match and if they by chance support the mega biz.
p.s. Proceed with extreme caution with that mega biz, else you could find yourself with a “mega” tax bill.Last edited: Sep 17, 2021
drewpoco Thanks this. -
Unless I am completely misunderstanding this whole thread. Either way, Sysco didn't offer anything like that unless it was something they didn't promote on their "employee portal" website thingy.Frank Speak Thanks this. -
Check with nancy pelosi first. She is trying to end back door roths
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McLane offers a Roth 401k which means the money going into the account is after tax. $19500 is the limit you can put in there in 2021. In addition to that you can set up a Roth IRA with a brokerage and put in $6000.
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This a double post? You just ask this the day before on a different post. Same question
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I don't see a problem with the strategy in trucking. Just quit once a year and re-hire the next day. That'll allow you to roll over your 401(k) balance, and there's no one in the industry that's going to put up too much of a fuss if you're a good hand.
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