IRA Financial’s Adam Bergman Esq. discusses the differences between the Backdoor Roth IRA and the Mega Backdoor 401(k) and why this may be your last chance to perform one.
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About IRA Financial:
IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(K) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.
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The backdoors might be closing soon
I'm 61 and retired. I rolled over my companies 401k to a traditional pre-tax IRA at my brokers a few years ago. I was planning to convert that to a ROTH over the next few years before the Trump tax cut ends in 2025. I want to avoid the social security torpedo when my RMD kicks in. Since I rolled over my 401k a few years ago, is this still considered a backdoor ROTH?
It hurts my special needs son and my ability to save for the higher than average costs I will have in retirement to help him.