Learn all about the Mega Backdoor Roth option if you are self-employed and how you can supersize your Roth savings, all in about a minute.
—
Read more about the Mega Backdoor Roth:
—
Discover more videos by IRA Financial:

Subscribe to our channel:
—
About IRA Financial:

IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.

IRA Financial Group is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial Group, its management, salespersons or IFG’s in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.

IFG is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.

Learn More:

#backdoorroth #megabackdoorroth #solo401k #rothira #backdoorrothira #megabackdoorrothsolo401k #solo401k #selfemployed #smallbusinessowners #entrepreneur #irsrules #taxes #taxplanning #401k #ira #irafinancial #adambergman…(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERT IRA TO GOLD: Gold IRA Account

CONVERT IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

If you’re looking for a clever way to turbocharge your retirement savings, you may want to consider opening a Mega Backdoor Roth IRA. This powerful investment option allows you to contribute up to $38,500 per year to your retirement account, with the potential for tax-free growth and withdrawals.

Here’s how it works: Instead of contributing to a traditional 401(k) or IRA, you put your money into a special after-tax account. Then, your employer allows you to make an additional contribution to your 401(k) plan beyond the annual limit (currently $19,500). This additional contribution is called an “after-tax” contribution.

Once you’ve maxed out your after-tax contribution, you can then do a “rollover” into a Roth IRA. The great thing about the Roth is that your money grows tax-free and withdrawals are also tax-free.

While the Mega Backdoor Roth IRA may sound complicated, it’s actually a pretty straightforward process. Here are the steps:

1. Make sure your employer offers an after-tax contribution option. If they do, you’ll typically find it in the “contributions” section of your 401(k) plan.

2. Open a Roth IRA account. You can do this through a financial institution like a bank, brokerage, or mutual fund company.

3. Contribute the maximum allowable amount to your after-tax 401(k) plan. This is currently capped at $38,500 per year.

4. Roll over your after-tax contributions into your Roth IRA account. This can usually be done online through your financial institution.

5. Enjoy tax-free growth on your investments and tax-free withdrawals in retirement.

Mastering the Mega Backdoor Roth IRA in 60 seconds or less may seem daunting, but it’s actually a pretty simple way to exponentially increase your retirement savings. Just make sure to do your research and consult with a financial professional to ensure it’s the right strategy for you.