Think again, you can do a backdoor roth……(read more)

LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

If you’ve been diligently saving for retirement, you may have heard about the Roth IRA and the tax advantages it offers. A Roth IRA is a type of retirement savings account that allows you to save money on a pre-tax basis and then withdraw it tax-free at retirement. But what happens if you make too much money to qualify for a Roth IRA?

The first thing to understand is that there are income limits that determine whether or not you can contribute to a Roth IRA. For 2019, single filers with an adjusted gross income (AGI) of more than $137,000 are not eligible to contribute to a Roth IRA. For married filing jointly, the limit is $203,000.

If you’re over the income limit, you may be wondering what other options you have for retirement savings. One option is to open a traditional IRA. With a traditional IRA, you can make pre-tax contributions and your earnings will grow tax-deferred. However, when you withdraw the money at retirement, you will be taxed on the amount you withdraw.

Another option is to open a non-deductible IRA. This type of account allows you to make after-tax contributions, which means you won’t get an immediate tax break on your contributions. However, your earnings will grow tax-deferred and you won’t be taxed on them when you withdraw them at retirement.

If you’re still looking for a way to save for retirement but don’t qualify for a Roth IRA, there are other options available. Consider talking to a financial advisor to find out what the best option is for your situation.