Pension Basics Before discussing how interest rates can affect pensions, it’s important to review some pension basics. Typically, your pension benefit is based on your years of service and the plan formula for lifetime payments. As a simplified example, the plan may define your pension factor as your years of service multiplied by 2%. To … Read more
If you’re saving for retirement through the Aramco Savings Plan, it’s crucial to understand how the IRS’ required minimum distributions (RMDs) impact you. Once you turn 73 (if born in 1959 or earlier) or 75 (if born in 1960 or later), the IRS mandates withdrawals from your tax-deferred accounts, such as IRAs and 401ks. A … Read more
While it’s extremely important to plan for your retirement, what happens when you decide it’s finally time to enter that phase of your life? At Creative Planning, we’ve worked with hundreds of Aramcons, helping them to retire and working with them throughout retirement so that they can achieve the goals they’ve worked so hard for. … Read more
Whether you’ve just arrived or have been living in Saudi Arabia for decades, we can help you answer meaningful questions, such as these. How long should I work for Saudi Aramco before retiring? Am I saving enough in my Aramco Savings Plan? How should the funds in my plan be invested? Your detailed financial plan … Read more
Many of you may be familiar with the Aramco Savings Plan, which is a key retirement benefit offered through Aramco. But did you know that the plan offers after-tax contributions? And did you know it’s possible to convert those after-tax contributions to Roth? This maneuver is known as mega backdoor Roth, but before we discuss … Read more
The Aramco Savings Plan, an excellent benefit available to Aramco employees, can help you save toward retirement using pre-tax, Roth and after-tax contributions. Could you be making mistakes that are keeping you from optimizing your benefit? Below we share five common Aramco Savings Plan mistakes as well as tips for avoiding them. Mistake #1 – … Read more
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