5 Tax-Efficient Ways BP Professionals Can Save Over $69,000 in the ESP This Year
Use Your Benefits to Lower Your Taxes
Key Summary: The benefits offered to BP executives play a key role in how you should be planning to save for retirement. Understanding what BP contributes, how to get the most from it, and how to use these benefits in your financial planning strategy is crucial to ensure no money is left on the table. With the annual release of IRS 415a limitations ($345,000 for 2024), it's important to re-calculate your contributions to the various sources in your ESP each year to ensure that you're maxing it out. If your income exceeds these limitations in a calendar year, it's important to frontload your contributions to a 401(k) before being prohibited from doing so. Between the various sources within your ESP (pre-tax, after-tax, and Roth) and the contribution from BP, you can get $94,800 (if over age 50, or $84,300 if under age 50) into retirement savings this year.
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Information last updated June 20th, 2024
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