There is a proposal going through congress that could end the Mega Backdoor Roth IRA as we know it. It's slated to target high income earners but I think it may extend to all retirement plan savers. There are several proposals that are limiting retirement savings and forcing certain earns to pay more in taxes on their retirement savings. ----------------------------------------------------- Join this channel to get access to perks: ----------------------------------------------------- Join this channel to get access to perks: ----------------------------------------------------- ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: Get IRS FORM W4 TAX WITHHOLDING HELP HERE bit.ly/3FJ6w8U ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you. TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP® CERTIFIED FINANCIAL PLANNER™ Company Website: twitter: @travissickle Instagram: Facebook: LinkedIn: Sickle Hunter Financial Advisors 1646 W Snow Avenue Suite 144 Tampa, FL 33606 Check out Google Business Profile ------------------------------------------------------- Gear Used in Videos Partnership referral links Aura Identity Theft Protection *Up to 50% off* HTTPS://www.aura.com/travis All Amazon links are affiliate links ____________________________________________________________________________ Information in this video is for educational and entertainment purposes only. sicklehunter.com/disclosures ____________________________________________________________________________ #travissickle...(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
The Mega Backdoor Roth IRA is a savings strategy that has been gaining popularity in recent years among those who are looking for tax-efficient ways to save for retirement. However, there are concerns among some experts that this strategy may come to an end. The Mega Backdoor Roth IRA involves contributing after-tax dollars to a 401(k) plan and then rolling them over into a Roth IRA. This allows individuals to take advantage of the tax-free growth and withdrawals that come with a Roth IRA. While this strategy can be incredibly beneficial for those who have the financial means to contribute significant amounts of after-tax dollars to their 401(k), it is not without its potential downsides. One of the biggest concerns is that the IRS could deem the strategy to be a violation of contribution limits. Currently, the annual contribution limit for a 401(k) is $19,500 for those under the age of 50 and $26,000 for those over 50. However, the Mega Backdoor Roth IRA allows individuals to contribute after-tax dollars beyond these limits. The concern is that the IRS could change the rules around the Mega Backdoor Roth IRA, potentially limiting or even eliminating the option altogether. Some experts believe that this could happen as part of an effort to increase tax revenue. While it is impossible to predict with certainty what the future holds for the Mega Backdoor Roth IRA, there are steps individuals can take to protect themselves in case the strategy does come to an end. One option is to focus on traditional Roth IRA contributions and other tax-advantaged retirement savings options. Another option is to make sure that any after-tax contributions made to a 401(k) plan are well within the normal contribution limits. Ultimately, it is important for individuals to work with a financial planner or tax professional to develop a retirement savings strategy that takes into account their unique situation and goals. By doing so, they can make sure they are making the most of the options available to them while minimizing their tax liability. https://inflationprotection.org/could-the-mega-backdoor-roth-ira-be-coming-to-a-close/?feed_id=87375&_unique_id=6437fe046fbda #Inflation #Retirement #GoldIRA #Wealth #Investing #MegaBackdoorRoth #taxchanges2021 #travissickle #BackdoorRothIRA #MegaBackdoorRoth #taxchanges2021 #travissickle
Comments
Post a Comment