As you manage your 401(k), consider automatic Roth in-plan conversions – a new feature introduced in 2020. You can automatically convert new after-tax contributions to Roth in the NTESS 401(k) Plan. Converting money in a traditional 401(k) to a Roth 401(k) has many potential advantages. Of course, you’ll need to pay taxes on the converted amount. But once the money is in a Roth IRA, you don’t pay taxes on qualified withdrawals, giving you more flexibility to manage your taxes in retirement and boost after-tax income.
Contact Fidelity to learn more; log in to Fidelity NetBenefits® at 401k.com to set up this feature.
Fidelity’s eLearning tools help you set financial goals to make the right plan for you. Register on Fidelity’s website, and after you log in, select Tools from the menu.
Fidelity Investor Centers are located nationwide and available free of charge to all Fidelity account holders. You can meet with a financial advisor who will work with you to review and analyze your 401(k) account and answer your questions.