Reduce your taxes in retirement with a BACKDOOR ROTH IRA 🚪

This is an opportunity that soooooo may people are overlooking.

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Hello, I’m Mitch Goldberg. I’ve been a financial advisor since 1990.
On this channel, I educate my viewers about personal finance, investing and how to take control of their money.
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Reducing taxes in retirement is something that everyone wants to achieve. If you’re looking for a way to do this, you might want to consider a strategy that involves a BACKDOOR ROTH IRA. This is a powerful tool that can help to decrease your tax bill and increase your retirement income.

But first, let’s talk about what a Roth IRA is.

A Roth IRA is a type of individual retirement account (IRA) that allows you to make contributions with after-tax dollars. What’s great about a Roth IRA is that you won’t have to pay taxes on any money you withdraw from the account during retirement. This makes it an appealing option for those who anticipate being in a high tax bracket during retirement.

However, not everyone is eligible to make contributions to a Roth IRA. There are income limits: for 2021, single individuals making more than $140,000 and married couples filing jointly making more than $208,000 are not eligible for Roth IRA contributions.

That’s where the BACKDOOR ROTH IRA option comes in. Here’s how it works:

Step 1: Contribute to a traditional IRA.

Anyone can contribute to a traditional IRA, regardless of their income level. The contribution limit for 2021 is $6,000 ($7,000 if you’re age 50 or older).

Step 2: Convert your traditional IRA to a Roth IRA.

After making your contribution to a traditional IRA, you’ll need to convert it to a Roth IRA. Keep in mind that you’ll need to pay taxes on the conversion, since the money in a traditional IRA is typically pre-tax.

Step 3: Enjoy tax-free withdrawals in retirement.

Once your money is in a Roth IRA, you won’t have to pay taxes on any withdrawals you make during retirement. This can be especially beneficial if you’re in a higher tax bracket during retirement.

One other important thing to note: be sure to consult with a financial advisor or tax professional before making any decisions regarding a BACKDOOR ROTH IRA. There are some potential pitfalls to this strategy, and you want to make sure you’re doing it correctly to avoid any tax penalties.

Overall, a BACKDOOR ROTH IRA can be an effective way to reduce your taxes in retirement. With a bit of planning and consultation with a professional, you can take advantage of this powerful tool and enjoy a more tax-efficient retirement.