BP Professionals Can Save Over $65,000 In The ESP This Year

Use Your Benefits to Lower Your Taxes

Senior couple meeting financial adviser for investment

As a BP employee, you may wonder how to make sure you’re saving enough for retirement or if you should be using different savings options to make the most of your retirement. 

While everyone’s financial situation differs, BP makes some generous retirement savings programs available to employees. Our experts have worked with many BP executives and professionals and compiled the retirement planning options they believe you should consider taking advantage of, including: 

  • Getting the maximum amount into your BP Employee Savings Plan (up to $66,000 for 2023 and up to $73,500 if you're over age 50)
  • Shifting funds, when applicable, to take advantage of backdoor Roth contributions to get more money into tax-efficient savings vehicles
  • Understanding how to lessen the tax impact of your pension and Excess Benefit Plan payouts
  • Reviewing tax implications and determining whether you qualify for, and would benefit from, NUA (Net Unrealized Appreciation)
  • Combining these strategies and planning tools to get up to a total of $72,500 into tax-preferential retirement savings ($81,000 if you’re over 50) this year!

If you’ve built a career at BP, you should ensure you’re building a retirement future using the options it provides. Don't wait to save. Watch our on-demand webinar now by filling out the form. 

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