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.