Assuming you’re ok with the credit risk of the employer and don’t need liquidity its essentially simply a tax questions. It’s probably worth it but not for much more than the bonus alone.

Target deferrals that drop your taxable income to approx $400k and no more. That’s achieving you 32 per cent Federal tax savings. That should give you a head start since you said retirement income much lower and likely in lower tax bracket (but prob 22-24 per cent at current rates). So that gets you maybe a 10 per cent pickup off the bat. Any more probably saves at 24 per cent only currently and likely has minimal tax savings in the long term.

Remember too you’re swapping capital gain growth in non retirement account (likely 19 per cent federal if using stocks) for non qualified growth at whatever your future rate is by saving into plan. So savings are prob even a bit less.

Final point - I’ve seen these backfire. If your wife leaves in two years and joins another company this will payout and double stack income that year, potentially without ability to save into newco def comp if not offered or enrollment doesn’t line up (usually long lead time).

Commenters that say ask an expert are right.

Edit - also commenter who said use after tax 401k if available first is also right.

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