The Secret Backdoor Roth IRA

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.

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

>> (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) The process and how to simplify it

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.

If you enjoyed this episode, leave a comment and follow the podcast here!

Links Referenced in the Show:

The Retirement Planning Checklist: https://themillionaireinsider.com/rpc

Get your Free Financial Checkup: https://themillionaireinsider.com/fc

Show notes and more information: https://themillionaireinsider.com/84

This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.