What is a Backdoor Roth IRA?
Who is it for?
How does it help you?
The Backdoor Roth is a type of transfer between Individual Retirement Accounts for people who can’t access a Roth normally. If you make a lot of money, you have to use this special maneuver to invest in a Roth IRA. There are a lot of factors to consider even though the transfer itsellf is fairly simple.
Handy Timeline:
0:00 Intro
0:14 What it is
1:35 Who it’s for
4:50 Other Roth benefits
5:11 RMD’s
6:54 How it helps you
8:39 What we do
9:10 Watch out for
10:37 Questions
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More info on RMD’s directly from the IRS website:
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Disclaimer: Any financial or investing-related topics discussed on this channel are not from a professional investment advisor and are not financial advice for you. This is for entertainment purposes only….(read more)
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Are you going to do a Backdoor Roth in 2021?
I think the required minimum distribution, was really an eye opener, to think you get taxed if the money is not coming out, which could be nice to take the money out, but than what will you do with it. The Roth IRA is extremely good, I have been telling my sister about it since she has her own business at the age of 20, wish I learned about this sooner , but knowing it now still works. I didn't know about the backdoor option, obviously at the moment I don't qualify for it but for the future it's something I can keep aside as an option. Thanks for the great video
Didn't know i could do both a regular IRA and Roth. Look forward to more of these simple explanations.
Awesome video production quality Brendan, A backdoor Roth is definitely a great retirement account to contribute to. I always like to see the tax diversity.
Taking the time to think about retirement NOW is so very crucial! Interesting suggestion, as I am always open to tax diversification! 🙂
Great video! Good editing, very well made