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High income earners cannot do Roth IRA, so back door Roth IRA presents a good opportunity to save for retirement.

The opinion in the video is for education and basic understanding, please contact your financial advisor or do further research before investing.

This is not a financial advise.

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The back door Roth IRA is a strategy to contribute to a Roth IRA, even if your income exceeds the IRS limits. Here’s how it works: First, you contribute to a traditional IRA. Then, you convert that traditional IRA into a Roth IRA. This conversion is called a back door Roth conversion. The key is that there are no income limits for converting a traditional IRA to a Roth IRA. This strategy allows high-income earners to take advantage of the tax-free growth and withdrawals of a Roth IRA. However, keep in mind that you’ll need to pay taxes on the converted amount, so it’s important to consult with a financial advisor or tax professional to understand the potential implications. Overall, the back door Roth IRA can be a useful tool for beginners looking to maximize their retirement savings in 2021.