Backdoor Roth IRA - Is It Right For You?

It’s no secret that the Roth IRA is my favorite account for retirement planning.  The ability to have tax-free growth over a long period of time coupled with tax free withdrawals in retirement is a thing of beauty.  Not to mention the other numerous benefit’s it has.  However, for all those benefits of the Roth IRA there is a catch, if you make too much money the IRS says you cannot contribute to one.  That is unless you know how to get in through the backdoor.    A backdoor Roth IRA allows you to contribute to a Roth IRA even if your income exceeds the IRS-approved amount for such contributions.   In this episode, I'll talk about what this concept is and if it might be right for you.   2021: Roth IRA Contribution Income Limits Traditional IRA Deductibility Income Limits   Please visit www.rhitch.com/resources for more information.   Ryan Hitchcock Financial Planner High Point Capital Group   Direct: 414-253-4611 [email protected]   Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is not guarantee of future results.  Securities and investment advisory services offered through SagePoint Financial, Inc. (SPF), member FINRA/SIPC. SPF is separately owned and other entities and/or marketing names, products or services referenced here are independent of SPF.    1200 N. Mayfair Rd., Suite 300, Milwaukee, WI 53226. Phone: 414-253-4600.