Spring is right around the corner! While the pandemic is easing up, inflation and global uncertainty are still on the rise – there is no better time to spring into action and invest in your future. Read below for a refresher on the financial wellness benefits available at Snowflake to maximize your savings now and in the future.
401(k) plan
Snowflake’s 401(k) Plan through Fidelity will help you prepare for a secure financial future. We offer three ways to save:
Traditional Pre-Tax: Contributions are made from your paycheck before income taxes are applied, reducing your taxable income today. You will pay taxes when you withdraw money from the account during retirement.
Roth Post-Tax: A Roth 401(k) is an after-tax contribution. You’ll pay taxes now but won’t pay them when you withdraw funds during retirement.
After-Tax: Contributions are deducted after-tax, as the name implies. Normal income taxes are applied to your contributions, so when you withdraw your principle, it is tax-free. But any earnings on after-tax contributions are considered pre-tax and are taxable income when withdrawn from the Plan in retirement.
Save the Date! We have two Fidelity Educational Webinars coming up! You should have received a calendar invite for each.
- “How to Prioritize Your Saving & Debt Repayments Strategies” on Wednesday, March 9th from 11 am -12 pm PT
- “How to Maximize the Benefits of your 401(k) Plan” on Wednesday, March 23rd from 11 am -12 pm PT
Visit the 401(k) webpage for more information.
Health Savings Accounts
If you are enrolled in the Cigna High Deductible Health Plan (HDHP) here at Snowflake, you should consider maximizing your contribution to the Health Savings Account (HSA). An HSA is a tax-advantaged savings account that allows you to set aside pre-tax money from each paycheck to use for qualified medical, dental, and vision expenses now, next year, or as far out as retirement. The funds in your HSA account roll over annually, grow tax-free, and are yours to keep even if you leave Snowflake. Snowflake also contributes $1,000 to your savings for single coverage and $2,000 for those with dependents (our contribution is prorated for new hires and mid-year status changes).
To learn more and to view a complete list of eligible expenses, check out the HSA page on our website.
Commuter Benefits
With Snowflake offices beginning to reopen, you might consider taking advantage of our pre-tax parking and transit benefits. These accounts let you set aside pre-tax dollars through payroll deduction – up to $280 per month per account – to use for transit and/or parking.
Learn about your commuter benefits on the Snowflake commuter page.
