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.
Click here to get your free financial checkup:
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To your financially secure life,
Annette
