5 Benefit Elections That Can Impact Your Taxes After Leaving BP
As a BP employee, do you know the retirement date you choose can have a major effect on your retirement funds and tax bill? After a long career at BP, picking a retirement date that best utilizes your benefits can actually be quite complicated. Let's face it: if you’re not thinking about your employee benefits, taxes, and income distribution when selecting your retirement date from BP, you’re potentially leaving money on the table.
How can you — a BP employee — maximize your retirement funds?
In this webinar, John Siegel, CFP®, EA, Wealth Manager and WJA's BP benefits expert, dives into the common mistakes BP executives make when taking their benefits and how to avoid them. He also discusses how selecting the wrong retirement date could cost you thousands in taxes by pushing you into the highest tax brackets and answers the following questions:
- How can your BP restricted stock units, performance bonus, vacation or severance payouts, and RAP pension impact your taxes?
- How do the Excess Compensation Savings Plan and other non-qualified plans affect your retirement benefits and what factors determine which elections you should choose for each?
- What’s the single biggest factor in determining your retirement date?
If you are looking to retire from BP in the near future, you will not want to miss this webinar. Watch now by filling out the form.
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