Reduce your taxes in retirement with a BACKDOOR ROTH IRA 🚪 This is an opportunity that soooooo may people are overlooking. 👀Watch the video. I believe there is an optimal investment and financial plan for you, Reach out if you want help finding it. #RothIRA #RothConversion #retirementplanning Hello, I’m Mitch Goldberg. I’ve been a financial advisor since 1990. On this channel, I educate my viewers about personal finance, investing and how to take control of their money. It’s very easy for your money to control you! I want to teach you how to take back control of your money. I also get into wonky topics like monetary policy, global trade, tax policy, and a whole lot more. Most of all, I share with viewers the valuable financial and life’s lessons I’ve learned from working directly with my clients throughout my career. I host a live stream, which I named “Be the Boss of Your Money”, on YouTube, LinkedIn, and Facebook because I want you to be the boss of your money, not your money to be the boss of you. I hope you get tons of value from my content and thanks so much for watching! Please subscribe to my channel: Connect with me on LinkedIn: Follow me on Facebook: Follow me on Instagram: Follow me on Twitter: Check out my website: www.ClientFirstStrategy.com Thanks! Mitch For more information: www.ClientFirstStrategy.com Reach out: MGoldberg@ClientFirstStrategy.com Securities & Investment Advisory Services Offered through NEXT Financial Group, Inc., member FINRA/SIPC. CliENTFIRST Strategy, Inc. is not an affiliate of NEXT Financial Group, Inc....(read more)
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Reducing taxes in retirement is something that everyone wants to achieve. If you're looking for a way to do this, you might want to consider a strategy that involves a BACKDOOR ROTH IRA. This is a powerful tool that can help to decrease your tax bill and increase your retirement income. But first, let's talk about what a Roth IRA is. A Roth IRA is a type of individual retirement account (IRA) that allows you to make contributions with after-tax dollars. What's great about a Roth IRA is that you won't have to pay taxes on any money you withdraw from the account during retirement. This makes it an appealing option for those who anticipate being in a high tax bracket during retirement. However, not everyone is eligible to make contributions to a Roth IRA. There are income limits: for 2021, single individuals making more than $140,000 and married couples filing jointly making more than $208,000 are not eligible for Roth IRA contributions. That's where the BACKDOOR ROTH IRA option comes in. Here's how it works: Step 1: Contribute to a traditional IRA. Anyone can contribute to a traditional IRA, regardless of their income level. The contribution limit for 2021 is $6,000 ($7,000 if you're age 50 or older). Step 2: Convert your traditional IRA to a Roth IRA. After making your contribution to a traditional IRA, you'll need to convert it to a Roth IRA. Keep in mind that you'll need to pay taxes on the conversion, since the money in a traditional IRA is typically pre-tax. Step 3: Enjoy tax-free withdrawals in retirement. Once your money is in a Roth IRA, you won't have to pay taxes on any withdrawals you make during retirement. This can be especially beneficial if you're in a higher tax bracket during retirement. One other important thing to note: be sure to consult with a financial advisor or tax professional before making any decisions regarding a BACKDOOR ROTH IRA. There are some potential pitfalls to this strategy, and you want to make sure you're doing it correctly to avoid any tax penalties. Overall, a BACKDOOR ROTH IRA can be an effective way to reduce your taxes in retirement. With a bit of planning and consultation with a professional, you can take advantage of this powerful tool and enjoy a more tax-efficient retirement. https://inflationprotection.org/how-a-backdoor-roth-ira-can-help-you-minimize-taxes-during-retirement/?feed_id=106394&_unique_id=6484fe5d56c4a #Inflation #Retirement #GoldIRA #Wealth #Investing #backdoorrothira #CNBC #howtoopenarothira #Howtoreducetaxesinretirement #Isthereanincomelimittodoarothconversion #personalfinance #retirementplanning #Rothconversionladder #RothIRA #rothiraconversion #rothiraexplained #rothiraexplainedyoutube #rothiraforbeginners #RothIRAgraham #rothiraramsey #rothiraschwab #rothiravstraditionalira #shouldyouconvertyouriratoarothira #whatisabackdoorrothira #whatisarothira #BackdoorRothIRA #backdoorrothira #CNBC #howtoopenarothira #Howtoreducetaxesinretirement #Isthereanincomelimittodoarothconversion #personalfinance #retirementplanning #Rothconversionladder #RothIRA #rothiraconversion #rothiraexplained #rothiraexplainedyoutube #rothiraforbeginners #RothIRAgraham #rothiraramsey #rothiraschwab #rothiravstraditionalira #shouldyouconvertyouriratoarothira #whatisabackdoorrothira #whatisarothira
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