4 Roth IRA Hacks

/////////////////////////////////////////////////
Get answers FASTER…
Join this channel to get access to perks:

Chat on discord:
Join Link

Support on Patreon:

—————————————————–
Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE

Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™

Company Website:
twitter: @travissickle
Instagram:
Facebook:
LinkedIn:

Sickle Hunter Financial Advisors
1646 W Snow Ave.
Suite 144
Tampa, FL 33606
——————————————————-

Gear Used in Videos

Income Protection: You have a 1 in 4 chance of becoming unable to work due to disability. Your
Breeze Disability Insurance policy will replace part of your lost income if and when you need it. Apply here

Partnership referral links
Aura Identity Theft Protection *Up to 50% off* HTTPS://www.aura.com/travis
Seeking Alpha 50% Discount

All Amazon links are affiliate links
____________________________________________________________________________
Information in this video is for educational and entertainment purposes only.
sicklehunter.com/disclosures
____________________________________________________________________________

#travissickle…(read more)

LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Roth IRA is an excellent way to save for retirement, tax-free. However, there are times when traditional strategies just don’t work. Here are four Roth IRA hacks that you can use to maximize your retirement savings.

1. The Reverse Conversion

One of the main benefits of Roth IRA is that it avoids the taxes and penalties associated with Traditional IRA withdrawals. However, if you had to make a contribution to the Roth IRA before deciding whether or not it would be appropriate for your retirement, you may now suffer from an opportunity loss. In this case, you may consider converting your Roth IRA back into a traditional IRA account. Although you’ll have to pay taxes on any gains or interest you earned, any contributions made to the Roth IRA can be withdrawn tax-free. By doing so, you’ll save money and avoid unnecessary fees.

2. The HSA Boost

If you’re planning to convert your HSA balance to a Roth IRA account, timing is everything. Generally speaking, the best time to do this is at the beginning of your HSA’s funding year. This is because, until this point, you’ll be able to use tax-free HSA funds to cover qualifying medical expenses. And by doing this, you’ll reduce the size of your HSA account, which can be converted without incurring early withdrawal penalties.

3. Backdoor Roth IRA Conversion

If you’re unable to make regular Roth IRA contributions but want the benefits of tax-free retirement savings, you may consider a backdoor Roth IRA conversion. This method allows you to contribute to a Traditional IRA and then convert it to a Roth IRA, increasing your retirement savings. This strategy comes with some limitations, including eligibility and tax implications, so it’s essential to consult a professional financial planner before proceeding.

4. Maximize Your Spousal Benefits

If you’re married and your spouse doesn’t have any income, you can take advantage of contributing to a spousal Roth IRA. This strategy essentially means that you can contribute to a Roth IRA in your spouse’s name, allowing them to enjoy tax-free retirement benefits. This can be an effective way to reduce your tax liability as a couple, so it’s worth considering if your spouse isn’t earning an income.

In conclusion, whether you’re looking to maximize your retirement savings or minimize your tax liability, the list of Roth IRA hacks can help you achieve your financial goals. Remember to seek professional advice before making a decision, and don’t forget to consider matters such as contributions, timing, potential tax implications, and eligibility.