Saving
Emergency savings
No matter where you are on your financial journey, it’s important to have cash available for emergencies.
Unexpected expenses can cause a lot of stress and potentially lead to debt, especially if you aren’t prepared. It’s recommended that you have three to six months’ worth of expenses set aside but start with smaller goals like enough to cover your insurance deductibles, $1,000, or the amount of one paycheck.
Get some tips for how to build your emergency savings, where to keep it, and how to use it.
Saving for retirement
Once you have some money set aside for emergencies, you can move on to other savings goals, like preparing for retirement. For many of us, retirement will be the single largest expense of our lifetime. The sooner you start saving, the more time your money can grow through the power of compounding interest.
It’s recommended that you save at least 15% of your pay toward retirement. Any contributions made to your 401(k) (including matching contributions from Iron Mountain) count toward that 15%, too.
The Iron Mountain 401(k) retirement plan helps you save for the future, so you can be ready for where life takes you.
- In addition to your own contributions, Iron Mountain helps you prepare for retirement with matching 401(k) contributions of 67 cents for each dollar you contribute, pretax or Roth, up to 6% of your eligible earnings each paycheck. If you contribute 6%, you’ll see 4% in employer matching contributions added to your retirement savings. You vest, or are entitled to, all of the contributions made to your account, including any matching contributions from Iron Mountain.*
- Start contributing to your future. If you are not already contributing to the Plan, enroll today. It’s easy, just visit NetBenefits® and choose a percentage of your salary and potential bonus to begin contributing.
- Contribute at least up to the match – It’s like “free money”. Consider increasing your contributions to at least 6% to get the full 4% employer matching contribution.
The Iron Mountain 401(k) Plan offers two contribution options to help give you the flexibility to save and plan for your future. You may contribute via pretax or Roth payroll contributions, or a combination of both, up to the annual IRS limit. See below for how each works.
Do I pay taxes when I contribute?
| Pretax contributions | Roth contributions | |
|---|---|---|
| No. You don’t pay taxes on pretax contributions until you withdraw them from your account. | Yes. Your take-home pay will be lower than if you made an equivalent pretax contribution. | |
| Do I pay taxes on contributions when I withdraw them? | Yes | No. Because you paid taxes when you contributed. |
| Do I pay taxes on investment earnings when I withdraw them? | Yes | No. Provided you met certain criteria, you won't pay taxes on any earning.1 |
| How much can I contribute to each plan? | Up to $23,000 in 2024 (or $30,500 if 50 or older) in any combination of pretax and/or Roth dollars. | |
No matter how you choose to contribute, you’re making a positive impact on your future. If you need help deciding how much to contribute each paycheck, use the tools below to see how small changes can go a long way in helping you reach your retirement savings goals.
- Take home pay calculator - see how your pre-tax contribution might affect your take home pay.
- Contribution calculator – chart the positive impact that small increases in your contributions could make to your future retirement savings.
- See how a small change can make a BIG DIFFERENCE – calculate how a small increase in your 401(k) contribution today can make a powerful difference.
To learn more, visit the Fidelity NetBenefits website or mobile app or call the Fidelity Retirement Benefits Center at 800-835-5095 (English) or 800-587-5282 (Spanish), Monday through Friday, from 8:30 a.m. to midnight ET.
*Any Iron Mountain matching contributions made into the US 401(k) prior to 2020 or to the Puerto Rico 401(k) prior to 2024 are subject to a vesting schedule.
Are you approaching retirement age and looking for support on how to navigate?
Visit the retirement resource page for tips on how to prepare for, transition into, and live in retirement.
Health Savings Accounts (HSAs)
Although HSAs can be used for ongoing medical expenses, they also can be used as a savings tool for healthcare costs in retirement.
Fidelity estimates a 65-year-old retiring in 2023 will need more than $157,500 to cover their health care costs during retirement.2 To help cover these costs, you may want to consider taking advantage of an HSA. It is considered one of the best ways to save for your healthcare expenses because of its tax advantages.
If you are enrolled in the Iron Mountain Savings medical plan in 2024 or select the Enhanced HDHP or Basic HDHP medical plans in 2025, be sure to open your HSA to take advantage of these benefits (when your HSA is used on qualified current medical expenses):
- Your HSA never expires. Use now, later, or in retirement.
- Iron Mountain contributes annually to your HSA.
- Contribute tax-free, earn tax-free, and withdraw federally tax-free.3
- With an HSA, once you’ve contributed enough to meet your deductible, consider investing the rest. This can be helpful in the future as you consider health care costs in retirement. See ways to help you decide how much to keep in cash vs. invest in your HSA.
- If you are over the age of 55, you can contribute an additional $1,000 above the 2024 IRS limit of $4,150 for individuals or $8,300 for families.
When you open your Fidelity HSA, you will receive a NetBenefits AccessCard® from Fidelity, which can be used to pay for HSA qualified medical expenses. If you pay out-of-pocket for a qualified expense, you can reimburse yourself from your HSA at any time.
Visit Fidelity NetBenefits® to view your HSA balance, update your contribution, or learn more about investing your HSA money for potential tax-free growth.
To manage your accounts on the go, download the Fidelity Health® mobile app, where you can:
- View your HSA balance and transaction history
- Store your medical ID cards and healthcare receipts
- Pay bills or reimburse yourself using your HSA
- Scan a product’s barcode to see if it’s a qualified medical expense
If you have an HSA through another provider, consider transferring the balance to your Fidelity HSA. Consolidating your HSAs can save you from having to manage multiple accounts and can reduce the account fees you’re paying. Transferring a balance does not count toward the annual IRS contribution limit, so you can transfer at any time. Get more details and transfer your balance in a few easy steps.
Saving for a goal
In addition to long-term savings goals, you may also have short-term goals like purchasing a car or home.
Short-term or long-term, big or small, we all have financial goals we hope to achieve in the future.
There are different ways you can save for your goal, depending on how much money you need and how long it will take you to save.
It’s best to keep the money you’re saving for a specific goal in a separate account, so you aren’t tempted to spend it on daily expenses or impulse buys.
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If you’re saving short term (money you’ll need in the next few years), you’ll want to keep your money accessible in something like a savings account or money market fund.
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If you’re saving long term, you may want to look into investing your money to help it potentially grow faster. While you have the benefit of potentially earning interest, there’s also the risk of losing money in the Markets, so evaluate this option carefully.
Have a specific goal in mind? Here are some tips to help you reach it:
| Purchasing a home | Purchasing a car | Getting married | Growing your family | Saving for college | |
|---|---|---|---|---|---|
| Fidelity Resources | Having a baby, adopting, and parenting | ||||
| IRM Benefits | Auto and Home Choice Program | Auto and Home Choice Program | Getting married | Education assistance |
As Annual Enrollment approaches each fall, it’s a good time to review your goals for the next year and understand which Iron Mountain benefits may assist you with your planning and saving. While certain benefits are available all year, some require you to enroll during Annual Enrollment.
Caregiving
Being a caregiver for a loved one can impact you both emotionally and financially. If you are in this situation now, or anticipate that you may be in the future, here are a few things you can do to help manage:
- Have a roadmap: Explore the potential emotional and financial impact of caregiving, view a list of what you should consider and get some tips for finding assistance.
- Hear from others in a similar situation: Listen to how other caregivers are feeling and how they’re navigating the caregiving journey.
- Get assistance through Care@Work: Care@Work gives you access to hourly or long-term care options for your loved ones, including children and aging parents.
- Explore Family & Medical Leave (FMLA): FMLA is a benefit offered to you through Iron Mountain that provides job protection in the event you need to take time off from work to manage your own health condition or care for a family member.
- Review Caregiver support from Resources for Living: If you regularly help a family member or friend with tasks they can’t do on their own, this website provides useful tips and resources to help.
How to start investing
Investing may seem intimidating, especially if you don’t know where to start or how it fits with other financial priorities.
Learn how to invest – and yes, saving for retirement in your 401(k) counts!
Here are some things to consider before you get started:
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Make sure you’re on solid ground financially: Do you have a budget to understand how much extra money you have to invest? Have you checked your retirement contribution to see how much you’re already investing?
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Determine your goals: Are you investing for the short term or long term? Is retirement your focus, or do you have other goals?
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Don’t worry about starting small: Thanks to compound interest, even a few dollars now can add up to a lot in the long term.
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Don’t be afraid to ask for help: Fidelity can help with your planning and investing questions, whether big or small. Representatives are available to assist you at 800-835-5095.
Invest confidently in your future – use the 3-step approach for long-term success.
Once you figure out how investing fits in with your overall financial goals, use these tips to get started:
Employee Stock Purchase Plan (ESPP)
A discounted rate on purchasing Iron Mountain company stock is one of the many perks of being a Mountaineer.
Here are some things to know about participating in the ESPP:
- You can enroll in the ESPP once you’ve worked at Iron Mountain for six months, provided you’re scheduled to work at least five months per year.
- You can make after-tax contributions of up to 15% of your paycheck each pay period.
- Once you purchase Iron Mountain stock through the ESPP, you’re 100% vested!
- Buying discounted stock through the ESPP is available only during the offering periods that run from June 1 through November 30 and December 1 through May 31.
- Call Fidelity’s ESPP department at 800-544-9354 for help and more information.
To get started, visit Fidelity NetBenefits.
Protect your investments
As you move through your investment journey, help protect your investments with these tips and strategies:
- When the stock market is rocky, it’s normal to feel nervous, but don’t let your emotions drive you to make a decision that will derail your long-term financial goals. Things like biases and aversions often come into play in these situations, so before you make a decision, learn how to avoid the six biggest pitfalls for investors.
- Remember that investing in the stock market is typically a long-term financial strategy. When you see stocks declining, think about the potential future success of the business or industry before - deciding to sell.
- Bear markets, commonly defined as a decline of at least 20% from the market’s high point to its low, are a normal part of stock investing and historically happen about every six years, on average. Stock markets have always recovered from them.4 Past performance is no guarantee of future results.
- Inflation is top-of-mind for many Americans as we continue to see generational highs. This affects many aspects of your life, including monthly bills, grocery costs, travel, housing, and even investments. Get a comprehensive look at where we stand today, tips for cutting costs, and strategies for investing with Fidelity’s Inflation and You resource.
Beyond the basics
Once you master the basics, you may be interested in taking your investing to the next level.
Stay up-to-date and dive deeper with the Fidelity Learning Center, where you can stay current on market trends and insights as you move through your financial journey. You can also access live and recorded education sessions on all things about investing.
Within the Iron Mountain 401(k) Retirement Plan, you have a variety of investment options, whether you prefer a “do it yourself” approach or would like support in understanding and choosing the right investment options for you.
You can also call the Fidelity Retirement Benefits Center at 800-835-5095 (English) or 800-587-5282 (Spanish). Representatives are available Monday through Friday from 8:30 am to midnight ET to answer questions and help you with your retirement planning.
Financial Wellness Check-up
Start your journey with the Financial Wellness Check-up to evaluate your current financial health and what you need to stay on the right path. As you work through your financial journey, be sure to check back to track your progress.
Learn about financial wellness and how regularly checking in on your finances can help you stay on the right track with your money goals.
Budget
Making a plan for your money and your spending empowers you to know where your money is going. Budgeting can seem like an overwhelming task, but it can be as simple as making a list of money in vs. money out.
Debt
Learn how to comfortably manage debt with suggestions for a plan to help improve peace of mind as you move toward achieving your financial goals.
Protect Your Money
Good financial habits can be easily thrown off course by unexpected life events. Be sure you have protection in place for your money against loss.
Moments that matter
From your family, to your home, to your health and retirement, get help with the decisions you face when life happens. Go now >
Iron Mountain offers a variety of benefits and resources to support your wellbeing and that of your family. Explore now >
Contact Fidelity
Fidelity representatives are available to answer your financial wellness questions, big or small. Call 800-835-5095, Monday through Friday, from 8:30 a.m. to midnight ET or visit Fidelity NetBenefits®.
Resources for Living
We all face challenges. Whatever the situation, you can turn to Resources for Living to help you thrive in life.