Your T-Mobile Benefits & Career: Financial Planning for Employees and Executives
Brian Thorp
Brian Thorp is the founder and CEO of Wealthtender and Editor-in-Chief. Prior to founding Wealthtender, Brian spent nearly 22 years in multiple leadership roles at Invesco. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.
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Do you work at T-Mobile? Get the resources you need and expert insights from financial professionals who specialize in helping T-Mobile employees make the most of their compensation package and benefits.
Whether you’re a new T-Mobile employee or you’ve moved up the ranks into a management or executive leadership role over a multi-year career, it’s important to make smart money moves with your income and employee benefits. For example:
✅ Do you know the right moves to make to get the greatest value from the T-Mobile benefits available to you?
✅If you’re thinking about leaving T-Mobile for another job or planning to retire from the company in a few years, are you taking the right steps today to ensure you will receive all of the compensation and benefits that you’ve earned?
Get the Most Value from Your T-Mobile Benefits and Compensation Package
Throughout the year, T-Mobile provides its employees and executives with updates about their benefits ranging from health insurance and health savings plans to retirement plans like a 401(k), deferred compensation plans, and stock options. While the company offers many useful resources and access to knowledgeable staff who can assist with questions, you’ll also find financial professionals not affiliated with T-Mobile who specialize in helping T-Mobile employees make the most of their income and benefits.
Whether you work in the T-Mobile headquarters in Bellevue, Washington, another office location around the country, or remotely from home, you may have questions about your compensation package and benefits better suited for a financial professional who can offer unbiased advice and guidance.
For example, sensitive topics like discussing the steps you should take before quitting your job at T-Mobile to work elsewhere, protecting yourself in advance of a corporate layoff, or deciding when you should plan to retire are all conversations that may be more comfortable with a trusted financial advisor.
Should you hire a T-Mobile specialist financial advisor or an advisor close to home?
You’ll likely find dozens of nearby financial advisors well-suited to help you reach your money goals with a personalized plan. But it may be more difficult to find a financial advisor who specializes in serving T-Mobile employees.
Fortunately, many financial advisors offer virtual services so you can meet online no matter where you (or they) live.
This means you can choose to hire a specialist financial advisor who lives hundreds of miles away if you decide their knowledge and experience working with T-Mobile employees is a better fit to help with your unique needs.
💡 In the Q&A below, you’ll gain insights from financial advisors who work with T-Mobile employees to help them make smart decisions to get the most value from their compensation and benefits, reduce their money stress, and prepare for a comfortable retirement.
🙋♀️ Do you have questions not yet answered? Use the form below to submit questions anonymously and watch this article for updates with answers to your questions. You can also reach out to the financial advisors below to set up an introductory call or contact them with your questions by email.
💸 Smart Money Insights for T-Mobile Employees & Executives
This page is organized into sections to help you quickly find the information you need and get answers to your questions:
- Q&A: Financial Planning Tips for T-Mobile Employees & Executives
- Get Answers to Your Questions About Your T-Mobile Benefits and Career
- Quick Facts & Resources for T-Mobile Employees
- Browse Related Articles
Q&A: Financial Planning Tips for T-Mobile Employees & Executives
Answers to Employee Questions with Kevin Estes
Kevin Estes is a financial advisor based in Bellevue, Washington who specializes in offering financial planning services to T-Mobile employees. Kevin helps his clients get the most value from their T-Mobile benefits and compensation package so they can enjoy life and feel confident about their financial future.
Q: As a financial advisor with experience helping T-Mobile employees save for their retirement, how do you help them make the most of their employee benefits?
Kevin: February 15th through April 1st is an important time for many T-Mobile employees. They may receive a raise, bonus, Restricted Stock Unit vests, and Employee Stock Purchase Plan shares in those six weeks. I help them choose how much to contribute to their retirement plans and ESPP. I often help them diversify their investments tax-efficiently and create a checklist they or their preparer can use to file their tax return.
We do similar reviews August 15th through October 1st. T-Mobile’s Restricted Stock Unit grants now vest every six months instead of once a year. Additional Employee Stock Purchase Plan shares are purchased in early October.
It also helps to review their benefit options before they make their final open enrollment selections in late October through early November. The life and disability insurance can be especially helpful for contingency planning while the legal plan can support estate planning.
Q: When you first speak with a T-Mobile employee, what questions do you like to ask to better understand their unique circumstances and determine how you can best help them achieve their goals?
Kevin: I enjoy learning more about the T-Mobile employee and their family. I ask questions like:
- Who do you consider family?
- What would you like your money to achieve?
- What would you like to do that you haven’t done?
Q: Is there a particular benefit available to T-Mobile employees you feel isn’t as well utilized or understood by employees as it should be?
Kevin: Many T-Mobile employees overlook the Employee Stock Purchase Plan (ESPP). The plan takes 15% off the lower of the price at the beginning and end of every six months. The discount can be more if the stock price rises. Should an employee leave the company during the ESPP offering period, they’ll receive the funds they contributed. Whether it makes sense to contribute depends on each person’s situation.
Q: Beyond T-Mobile employee benefits for retirement savings, are there other types of benefits offered by the company that you find valuable to discuss with your clients?
Kevin: It’s important T-Mobile employees know how Restricted Stock Units (RSUs) are taxed. Some shares are automatically withheld for taxes when the units vest. For shares deposited into their Fidelity account, it’s as if the employee took money out of their checking account to buy them. That may not be what they want to do. It may make sense for a T-Mobile employee to contribute to a Health Savings Account (HSA). Contributions are triple tax advantaged since they can avoid tax on the front end, grow tax-free, and be withdrawn tax-free for qualified medical expenses. However, contributing requires someone to be on a High Deductible Health Plan (HDHP). That medical insurance plan may not be right for the employee and their family. It’s crucial for T-Mobile employees to have enough insurance. Health, dental, vision, life, and disability insurance are available through open enrollment. Auto, home, and umbrella insurance are usually purchased separately.
Q: For T-Mobile employees thinking about leaving the company to accept a job elsewhere, what actions do you recommend they take before resigning and shortly thereafter?
Kevin: T-Mobile employees considering another employer need to compare the total compensation and work hours. Other companies may offer more base pay or Restricted Stock Units (RSUs). However, they may offer fewer other benefits and demand more hours.
Q: For T-Mobile employees approaching retirement age, how do you recommend they prepare to make the transition from living off their salary to relying upon other sources of income?
Kevin: It’s important for T-Mobile employees nearing retirement to plan how to access funds. Some employees have little saved outside their 401(k) plan, company stock, and home equity. Having money in checking, savings, and traditional brokerage accounts could mean the difference between retiring now and working longer.
Q: For T-Mobile employees who have managed their finances on their own to this point, what would you suggest they consider to help them decide if they should begin working with a financial advisor at this stage in their lives?
Kevin: A financial professional can provide another, objective perspective. The longer a T-Mobile employee waits to work with a financial planner, the less the impact may be. Below are some signs someone might benefit from working with a financial planner:
- They don’t sell their vested Restricted Stock Unit shares because of taxes.
- They don’t rebalance their portfolio for the same reason.
- They own company stock yet don’t participate in the Employee Stock Purchase Plan (ESPP).
- Their education funding plan is “We’ll figure it out.”
- If the employee became disabled or died, their family couldn’t pay the bills.
- They have a net worth of over $1 million and no umbrella insurance.
- They make good money but aren’t sure where it goes.
- They feel like they’re getting “raked over the coals” by taxes.
Get to Know Kevin Estes, Financial Advisor for T-Mobile Employees:
View Kevin’s profile page on Wealthtender or visit his website to learn more.
Q: What are some of the unique financial planning challenges you commonly see among your clients who are T-Mobile employees and how do you help them overcome these obstacles?
Kevin: Many T-Mobile employees are both underinsured and paying high premiums. That’s often the case for home and auto insurance. Someone with a large enough emergency/opportunity fund may lower their premiums by increasing their deductibles and paying six months or a year in advance.
It’s common for T-Mobile employees to hold over half of their investments in large-cap stocks. Diversifying into other investments could lower risk without sacrificing much expected return. Getting wealthy and staying wealthy are two different things.
Q: What questions do you recommend T-Mobile employees ask financial advisors they’re considering hiring to help them decide if they’re a good fit?
Kevin:
- How are you compensated?
- Have you signed a fiduciary oath to always do what’s in my best interest?
- How much would I be charged?
- How often would we meet?
- How would you minimize my lifetime and estate taxes?
- How would you check I have enough insurance?
- How could you improve my cash flow?
- How would you help me achieve my lifestyle, education, and retirement goals?
- Do you have experience with RSUs, ESPPs, and sizable bonuses?
Q: Is there anything that comes up frequently in your initial meeting with T-Mobile employees that surprises you?
Kevin: T-Mobile employees sometimes love real estate. Unfortunately, real estate doesn’t always love them back. The ongoing cost of a real estate investment may be more than the rent. Also, employees have a lot riding on T-Mobile. It’s a key income source. Much of their portfolio may be in company stock. Even the value of their home or other local investments like a spouse’s small business could be tied to the company’s performance.
Q: For highly compensated T-Mobile employees and executives, are there any special benefits you believe it’s important to take into consideration when preparing their financial plan?
Kevin: Compensation is more variable for highly paid T-Mobile employees because of bonuses and stock vests. It’s important to plan how to save and invest peak earnings. Highly compensated employees don’t pay Social Security taxes above the wage base limit. However, Social Security generally replaces less of their earned income. Spousal IRA and Mega Roth contributions can offer more ways to save into tax-advantaged accounts. These can be especially helpful if someone already maxes their 401(k), Health Savings Account, and Employee Stock Purchase Plan contributions.
Q: Is there a particularly memorable experience or a moment you recall with a client who worked at T-Mobile when you realized they have unique opportunities and circumstances when it comes to their financial planning needs?
Kevin: Many colleagues asked me about their personal finances over the nine years I worked in T-Mobile’s Financial Planning & Analysis department. While I feel I added a lot of value through general education, I was limited. Working with former coworkers as a financial planner has allowed me to make an even bigger impact by helping them take advantage of their specific opportunities. Some examples include: increasing 401(k) contributions, raising rent, contributing to the Employee Stock Purchase Plan, making after-tax contributions, increasing insurance coverage and deductibles, diversifying into lower cost investments, funding education, negotiating raises, navigating a layoff, and planning for retirement. The right moves depend on someone’s goals and situation.
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About the Author
Brian Thorp
Founder and CEO, Wealthtender
Brian and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.
With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.
To make Wealthtender free for readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a conflict of interest when we favor their promotion over others. Read our editorial policy and terms of service to learn more. Wealthtender is not a client of these financial services providers.
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