Advanced Roth IRA alternative. More control, less tax, larger inheritance. Forever taxed to never taxed.
– No contribution or income limits.
– Contributions are flexible.
– No RMD.
– Market upside without risk to principal.
– Potential double digit gains locked in.
– Money grows tax free.
– Access money tax free pre 59.5 no penalty.
– Tax free inheritance for heirs.
– Eliminates Secure Act inherited IRA 10 year rule.
– Interest free loans.
– Non reportable tax free income.
– Tax free income does not increase Medicare or social security taxes.
– Living benefits….(read more)

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The Roth IRA, or Individual retirement account, is a popular option for Americans to save for their retirement. However, there is a lesser-known alternative: the Advanced Roth IRA.

The Advanced Roth IRA works similarly to a traditional Roth IRA, in that contributions are made with after-tax dollars and withdrawals are tax-free. However, the Advanced Roth IRA has a few key differences that make it a compelling option for those looking to maximize their retirement savings.

Firstly, the contribution limit for the Advanced Roth IRA is much higher than a traditional Roth IRA. In 2021, individuals can contribute up to $6,000 to a Roth IRA, while those who qualify for the Advanced Roth IRA can contribute up to $37,000.

Additionally, the Advanced Roth IRA allows for larger, one-time contributions, known as a “mega backdoor Roth IRA” contribution. This allows individuals who have already maxed out their 401(k) to continue saving for retirement in a tax-advantaged account.

The Advanced Roth IRA also allows for in-plan conversions, meaning individuals can convert traditional 401(k) funds to Roth IRA funds without having to leave their employer’s plan. This can be particularly beneficial for those who expect their tax bracket to increase in retirement.

However, not everyone is eligible for the Advanced Roth IRA. The contribution limits and eligibility requirements vary depending on the employer’s plan. It’s important for individuals to check with their employer to see if they qualify and to review the plan’s specific rules.

Overall, the Advanced Roth IRA is a powerful tool for those looking to maximize their retirement savings and take advantage of tax-advantaged accounts. However, it’s important to fully understand the eligibility requirements and rules of the employer’s plan before making any contributions.