If you have questions for Me and would like to schedule a complimentary consultation over the phone, please click here: I am also offering a 12 page E-book at no charge titled, "Six Best and Worst IRA Rollover Decisions." Please comment below if you are interested in receiving this E-book. -- Connect with Jim on LinkedIn! Grace Wealth Management #retirement #financialadvisor #ROTH #IRA #individualretirementaccount 19782 MacArthur Boulevard, Suite 320 Irvine, CA 92612 Mon-Fri: 8:00 AM - 5:00 PM Sat-Sun: By Appointment As a financial advisor in Irvine, CA, we specialize in retirement planning and investment management. We offer a comprehensive and customized financial road map to help Retirees feel peaceful about their finances in their golden years. We are a full-service financial firm committed to helping people pursue their financial goals. We offer a wide range of financial products and services to individuals and business owners. We believe you will be better able to identify your goals and make informed decisions to help reach them by our providing informed financial information. Please call us if you have any questions about our firm or the range of financial products and services we provide. Our firm has a relationship with a variety of financial services companies, so if we don't have a product or service, we know a group that does. In addition to offering over 24 years of expertise in Financial Planning, we are now offering dinner workshops designed to inform and educate people to equip them with the best possible tools to make well thought out and educated decisions over their financial future and goals. Please consider joining us! We hold them at some of Irvine's top dining spots such as Il Fornaio's and Antonello Ristorante, to name a couple.These are free, relaxed no sales environment! Securities and advisory services offered through Centaurus Financial, a registered investment advisor. Member FINRA/ SIPC. Centaurus Financial, Inc., and Grace Wealth Management Group, Inc., are not affiliated companies. Supervisory office: 2300 E. Katella Ave., Anaheim, CA, 92806, 714-456-1790. Grace Wealth Management Group, Inc., and Centaurus Financial, Inc., are not affiliated companies....(read more)
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As tax season approaches, it's important to look into all possible strategies to help reduce your tax burden. One such strategy is the Super Backdoor Roth IRA, a lesser-known option for those with high incomes who are looking to contribute more to their retirement savings accounts while also reducing their tax bill. With the help of Grace Wealth Management in Irvine, CA, you can learn more about this powerful tool. First, let's break down what a traditional Backdoor Roth IRA is. Essentially, this involves contributing funds to a traditional IRA (which has a lower income limit than a Roth IRA) and then immediately converting those funds to a Roth IRA. This allows you to take advantage of the benefits of a Roth IRA, such as tax-free withdrawals in retirement, without being limited by the income threshold for direct contributions to a Roth IRA. So where does the "Super" come in? The Super Backdoor Roth IRA takes this concept to the next level by allowing even more money to be contributed to a Roth IRA each year. This strategy involves contributing after-tax dollars to a traditional 401(k) (or similar workplace retirement plan), then rolling the after-tax funds into a Roth IRA. This is in addition to any pre-tax contributions you may already be making to your traditional 401(k). Why is this so beneficial? For one, it allows you to contribute more to your Roth IRA than you would otherwise be able to. In 2021, the contribution limits for traditional and Roth IRAs are $6,000 ($7,000 for those over age 50). However, the limit for employer-sponsored retirement plans, such as a 401(k), is much higher at $19,500 ($26,000 for those over age 50). By using the Super Backdoor Roth IRA strategy, you can potentially contribute thousands of additional dollars to your Roth IRA each year. Another major benefit is that the after-tax contributions you make to your 401(k) are not subject to income tax when you eventually withdraw them. Since this money will eventually be rolled over into a Roth IRA, it will grow tax-free and can be withdrawn tax-free in retirement. And since Roth IRAs have no required minimum distributions (RMDs), you can leave the money in the account as long as you want, allowing it to grow even more. It's important to note that not all employer-sponsored retirement plans allow for after-tax contributions or allow for in-service withdrawals (the ability to roll over the after-tax funds to a Roth IRA while still employed). Additionally, there are some potential risks and complications to be aware of, such as the pro-rata rule (which can limit your ability to do a tax-free rollover of the after-tax funds). That's why it's important to work with a financial advisor who can help you navigate these complexities and ensure that this strategy is right for your unique financial situation. Grace Wealth Management is here to help. Our team of experienced financial advisors can work with you to create a personalized retirement plan that takes advantage of all possible tax-advantaged savings options, including the Super Backdoor Roth IRA. Contact us today to learn more about how we can help you build a strong retirement plan while minimizing your tax liabilities. https://inflationprotection.org/grace-wealth-management-irvine-ca-supercharge-your-tax-savings-with-a-backdoor-roth-ira/?feed_id=95978&_unique_id=645aa4dc3f5d6 #Inflation #Retirement #GoldIRA #Wealth #Investing #FinancialAdvisorIrvine #individualretirementaccount #ira #IrvineCA #retire #Retirement #RothIRA #BackdoorRothIRA #FinancialAdvisorIrvine #individualretirementaccount #ira #IrvineCA #retire #Retirement #RothIRA
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