The Roth IRA and Roth workplace plans such as the 401k, 403b and most 457 plans and TSP strategies are going to change. Here are some thoughts on what you should begin to think as we get closer to 2022.
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LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
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REVEALED: Best Gold Backed IRA
I had a chat with a fiduciary whom I came across today. she’s a pro and we got talking about investment and money. I was in shock when she told me that investing $2000 monthly in ETF and STOCKS with an average of 12% compounding annually in 20 years will give me $1 million. It gets even more interesting. The total contributed is $480,000 whereas interest earned is around $4,224,000. Crazy right! I immediately got investing as I don’t want to miss out on the opportunity.
Travis. You can contact your state congress members and let them know you are not happy with the proposed changes to the back door Roth’s. I don’t know why there are not any YouTube folks stating this and are just accepting proposed changes to legislation ! it’s the most effective way to get the word out into the correct forum .
When can I start contributing to my Roth IRA 2022. January 1st?
Hi Travis, I have a question for you, I came to the USA a couple of months ago and started working in Uber, so can I open ROTH IRA if I haven't paid my taxes(1099) yet? Thanks in advance
Travis, question about solo 401k and Roth solo 401k. I'm an independent truck driver with about $137,000 in net income for 2021. I've been contributing to an SEP plan for several years but would like to maximize contributions into a ROTH 401k. I'm 51 years old. Am I allowed to contribute $26,000 into a ROTH 401k for 2021 given my age? I'd also like to maximize contributions to a solo 401k on the employer side. When does this ROTH 401k account and 401k need to be opened? this year or do I have until I file my tax return for 2021? Also, what's the deadline for funding the ROTH 401k and the 401k? Thanks for your advice.
Hi Travis. Thanks for the update. Does this mean that the mega backdoor rollover will be eliminated too, or is it just the backdoor?
Why would anyone making over $400,000 want to convert pre-tax dollars to Roth anyway?