When Should You Do a Backdoor Roth IRA?
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I’m in a similar situation. Currently $240k a year, 10% traditional 401k, 10% Roth 401k, and 6% brokerage account. Should I be looking into a back door Roth?
You guys basically described my approach, 401k pre tax to the match limit, backdoor roth to the limit, 401k pre tax to the limit, and then mega backdoor roth in the 401k. I really like tax advantaged accounts!
I've been wondering if I should forgo a traditional 401k entirely and just contribute to a Roth 401k. Right now I'm putting 20% in each on top of funding a Roth IRA.
I feel like an idiot. I didn’t realize that I could max out my 401k Roth and still contribute $6000 to a traditional Roth.
If you go the pretax traditional route you should invest the tax savings in a non retirement account. If you spend it I think you're better off going the Roth route.
To those reading this: hope you have an amazing day! Remember, you have unlimited potential ❤️
Good video my man!
Single guy. I havent exceeded the income limit in previous years for a roth in previous years but this year i will. Does anyone know if i can do one this year? Since there is no history of my income exceeding the annual limit
Can ANY Traditional IRA be used as a back door by converting it to a Roth IRA? Or does the traditional IRA have to be set up differently somehow from the beginning to be used as part of the back door method
Money guy is the investing king! I am inspired by his channel. Money guy inspires me to continue my own YouTube channel on Finance and Investing.