Intel’s 401(k) Retirement

Avier Wealth Advisors is not affiliated with Intel. While Avier communicates with its clients regarding their Intel employee benefits, and educates itself on the Intel Benefits, there is no guarantee that the information we have provided is accurate. Intel employees are encouraged to contact their employer should they have any questions regarding their specific employee benefits.

Intel’s 401(k): What’s New for 2024?

The Intel 401(k) is a retirement savings plan that allows employees to invest a portion of their salary into long-term investments and save for their retirement.

Your 401(k) contributions increased in 2024:

  • Under 50: $23,000
  • 50 or older: $30,500 ($23,000 + $7,500 catch-up contribution)

There are two ways that employees can contribute to the 401(k):

Traditional Pre-Tax 401(k): Make contributions before taxes. You get a tax break up front, lowering your current income tax bill; however, money withdrawn at retirement will be taxed.

Roth 401(k): Make contributions after taxes. With this option, when you withdraw savings for retirement, you are not taxed.

Intel’s 401(k) Contribution Matching System

Intel will match up to 7% of your salary*. For example, if you make $200,000, Intel will contribute $14,000 (pre-tax) to your 401(k), assuming you also contribute at least $14,000.

*Important note: The Intel matching rate of 7% is only for 2024 contributions.

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Intel’s Mega Backdoor Roth 401(k) Benefit

Intel offers employees an After-Tax Roth conversion feature in the Intel 401(k), also known as the Mega Backdoor Roth.

This is a fantastic benefit that Intel employees ought to be leveraging along with your other benefits, like the Intel stock purchase plan, RSUs, and SERPLUS.

In 2024, the IRS federal limits for 401(k) contributions are:

  • $69,000 for individuals under 50
  • $76,500 for individuals 50 and over.

Roth Benefits:

Your contributions and any interest or investment gains grow tax-free and can also be tax-free when you access them in retirement.

You can easily manage your retirement distributions from a Roth.

You have more control over future taxable income.

How Can I Determine if the Mega Backdoor Roth Benefit is Best for Me?

If you are currently maxing out your annual 401(k) contribution, you should consider taking advantage of the Mega Backdoor Roth benefit at Intel. The long-term benefits of increasing your retirement savings, particularly by utilizing the Intel Mega Backdoor Roth Conversion strategy, could make a massive positive impact on what your retirement looks like.

 

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MORE INTEL INSIGHTS

For more information and advice from our Intel-focused advisors visit our other pages focused on Intel Compensation and Miscellaneous Benefits page, Intel SERPLUS, or Intel 401(k) & Retirement page.

INTEL 401(K)
& RETIREMENT

INTEL SERPLUS
BENEFIT

INTEL’S OTHER BENEFITS
& COMPENSATION

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