A Roth IRA offers several tax advantages when you start withdrawing your retirement savings. It’s why many people planning for retirement might benefit from a Roth conversion. This is the transfer of funds from a traditional IRA to a Roth IRA. But there are rules. For example, Roth IRAs have income limits. Fortunately, a backdoor Roth IRA is a type of conversion that allows people with high incomes to fund a Roth despite those IRS income limits. This video provides insight on how Roth conversions and backdoor Roth contributions work to help people determine if these strategies make sense for their retirement plan.
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