The benefit of the Roth is the account grows tax-sheltered and then it is withdrawn tax-free. So what happens if you make it a goal to max fund your Roth IRA every year?
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results….(read more)
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The annual max actually isn’t $26,500… it’s $67,000. $74,500 if you’re over age 50. Per person. The “After-tax” (not Roth) 401k bucket gets you the rest of the way.
The ROTH IRA is an amazing retirement vehicle. I recently started trading options in it so I wouldn't have to pay taxes. I am currently on track for 20%+ returns this year, if that keeps up I won't have to ever touch the basis and just live off the options and dividends….tax free.
It's a must! I fully fund our Roth (backdoor) IRAs the first week of the year! I go switch it up each year, one traditional and one Roth. I get slammed on taxes so I like to take a break year in between. Now, the tax savings I get in the year we both fully fund our traditional 401(k)s, I add that to our taxable brokerage.
We started late, I was 45 and my wife was 35. However, we invest on average $100K annually and I am retired military and she's a federal employee. I have a pension now and she will have one when she retires. We're set for life without investments, but I want to build generational wealth for our son.