Use Backdoor Roth Conversions to Your Advantage [AVOID the Retirement Tax Bomb]

In this video, we’re discussing the Backdoor Roth conversion and how you can use it to your advantage. Roth IRA Explained: ✅ SUBSCRIBE to NOT being a transaction ever again... ✅ Like us on Facebook! ✅ Follow us on Twitter! ✅ Check out our site for more tips The Retirement Tax Bomb refers to the massive IRA/401(k) tax burden that could hit high income earners in their retirement years. They accumulated assets pre-tax for decades to lower their yearly taxable income, and now that their accounts are massive, the taxman cometh. To alleviate this burden, financial planners, CPAs, and tax advisers started talking about using Roth IRAs to lower their taxes in retirement. A Backdoor Roth IRA conversion allows you to convert nondeductible traditional IRA contributions to a Roth IRA, even if you make too much money to do so. Here’s how it works: Open a Traditional IRA and max out your nondeductible contributions to it. ($6k under 50, $7k over 50 for 2022) Then, IMMEDIATELY convert it to a Roth IRA. Why immediately? So, you don’t earn any interest on the contributions, and pay no taxes on the conversion. Do this every year it is available!!! The Build Back Better Act was trying to eliminate this strategy. The backdoor Roth conversion is best for somebody: who has already maxed out other retirement savings options. who is a high-income earner. who is willing to leave the money in the Roth for at least five years who does not have other Roth assets. Make sure to speak to your tax advisor before doing this. #BackdoorRothConversions #rothira #retirementincomeplanning...(read more)

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"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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