Backdoor Roth IRA Explained
Have you heard about the Backdoor Roth IRA strategy? It’s a game-changer for high earners looking to save on taxes. Watch our latest video to learn how it works and read the key takeaways below. A Backdoor Roth IRA allows you to convert a Traditional IRA into a Roth IRA, bypassing income limits that typically prevent high earners from directly contributing. This strategy could potentially unlock a world of tax benefits and long-term savings potential. By making after-tax contributions to a non-deductible Traditional IRA and then converting it to a Roth IRA, you can enjoy tax-free growth and withdrawals in retirement. Plus, with current contribution limits of $6,500 (or $7,500 if you’re age 50 or older), it’s a smart way to boost your retirement savings. At Holistic Planning, we provide personalized guidance and help you make the most of this tax-efficient retirement planning tool. We highly encourage individuals to consult with a financial advisor or tax professional to ensure this strategy aligns with their specific circumstances and goals. Don’t let income limits hold you back from maximizing your retirement savings potential. Discover the power of the Backdoor Roth IRA and unlock new possibilities for your financial future. View the transcription
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