It can be hard to save in a retirement account if you make a lot of money. One of my favorite strategies is what I call “The Secret Backdoor Roth IRA.”
Today, you will learn what it is, if it makes sense for you or a family member, and how it’s used in retirement planning. My associate and CFP® Oscar Alvarez joins us for this episode.
Wealth Inside and Out® Podcast: “The Secret Backdoor Roth IRA”
In this episode, you will learn:
>> (2:30) Understanding qualified vs non-qualified money
>> (3:22) Differences between a traditional IRA and a Roth IRA
>> (7:55) The process to convert an IRA to a Roth IRA
>> (12:24) How tax brackets impact contributions. As a result, you can create a plan to minimize your taxes.
>> (16:31) The rules you need to follow to ensure you don’t have problems with the IRS
>> (18:00) Understanding the five-year rule for IRA and qualified money withdrawals. As a result, you will be prepared to make better decisions regarding your next best step.
>> (21:10) Additional factors to consider for a backdoor Roth conversion
>> (24:22) How to simplify the process
Conclusion – The Secret Backdoor Roth IRA
Before making any financial decision, always consult a qualified advisor. Before making any change, confirm it aligns with your retirement and estate plan. This will help to ensure a secure financial future for you and your family.
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Disclosure
TheMillionaireInsider.com® copyrights all materials and intellectual property.
This information is for educational purposes only. It is not intended to replace the advice of any advisor or specialist, nor to provide investment, financial, tax, retirement, planning, or healthcare advice.
Always consult with a qualified professional before making any financial decisions or changes.
To your financially secure life,
Annette
