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Roth IRAs and Roth Conversions can be very powerful for long-term retirement planning. But, are you in a situation where you may be making too much money to contribute to these accounts?
Chris Heerlein of REAP Financial out of Austin, Texas is here to discuss Roth IRAs and Roth Conversion strategies for higher income earners. One strategy you may not be taking advantage of is backdoor Roth Conversions which allow you to put money into a traditional IRA, even if you are a high earner. 
To learn more about Roth IRA and Roth Conversion strategies for high earners, contact our Austin financial planners at 

Lastly, don’t forget to email us at retire@reapfinancial.com to receive our latest report, “”Roth Decision Guide””….(read more)

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Roth IRAs and Roth conversions are popular options for high earners looking to save for retirement. While Roth IRAs offer tax-free growth and withdrawals, Roth conversions allow you to convert your existing traditional IRA into a Roth IRA, allowing you to take advantage of the tax-free growth. Both options can be beneficial for high earners, but there are some important considerations to keep in mind when contributing to a Roth IRA or converting to a Roth IRA.

First, you should consider your income level. High earners are subject to income limits when contributing to a Roth IRA. For 2021, the income limit for single filers is $140,000, and for married filing jointly, it is $208,000. If you make more than the income limit, you may not be able to contribute to a Roth IRA. However, you can still take advantage of the tax benefits of a Roth IRA by doing a Roth conversion.

Second, you should consider your tax bracket. High earners are likely to be in a higher tax bracket, which means that any money you convert to a Roth IRA will be taxed at the higher rate. This is important to consider when deciding whether to do a Roth conversion, as it may not be worth it if you are already in a high tax bracket.

Third, you should consider your retirement goals. A Roth IRA can be a great way to save for retirement, but it may not be the best option if you are looking to maximize your retirement savings. If you are looking to maximize your retirement savings, you may want to consider other options such as a traditional IRA or a 401(k).

Finally, you should consider the fees associated with a Roth conversion. Converting to a Roth IRA can be expensive, as there are typically fees associated with the conversion. You should make sure you understand the fees before committing to a Roth conversion.

Overall, Roth IRAs and Roth conversions can be great options for high earners looking to save for retirement. However, it is important to consider your income level, tax bracket, retirement goals, and fees associated with the conversion before deciding if a Roth IRA or Roth conversion is right for you.