Timothy Sumer

We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments while teaching you all about your money. #retirement #retirementplanning #dohstr8 ---Ready to subscribe--- For more information visit: --- Instagram @jazzWealth --- Facebook --- Twitter @jazzWealth Business Affairs 📧Support@JazzWealth.com... ( 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 MEGA Backdoor Roth Conversion Explained in English retirement planning can be a complicated endeavor, filled with a labyrinth of terms and strategies that can leave many individuals scratching their heads. One such strategy that has gained popularity in recent years is the MEGA Backdoor Roth Conversion. While the name may sound intimidating, understanding this strategy is crucial for those looking to maximize thei...

In 2023, you can contribute up to $66,000 if you’re under 50 and $73,500 if you’re 50 or older to your Meta 401(k). You can fully leverage these limits by taking advantage of the Meta Mega Backdoor Roth. This is a powerful benefit within your 401(k). It allows you to contribute after-tax dollars and convert those dollars to Roth. Video Highlights: 00:00 Introduction 00:17 Meta Mega Backdoor Roth 00:46 2023 Federal 401k Limits 00:59 Meta Mega Backdoor Roth Example Your 401(k) contributions also increased in 2023. If you’re under 50 you can contribute up to $22,500 and if you’re 50 or older you can contribute up to $30,000. Meta will match dollar for dollar, up to 50% of the IRS federal limit. You can earn up to an additional $11,250 in free money from Meta, if you’re under 50. If you’re 50 or older Meta will also match 50% of your catch-up contribution. This is an additional $3,750 on top of the $11,250 for a total match of $15,000. ****** LIKE this video? HIT the like...

In this video The White Coat Investor does a Deep Dive into How To Do A Mega Backdoor Roth IRA. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you! Subscribe Here: Main Website: Student Loan Advice: Facebook: Twitter: Instagram: Subreddit: Online Courses: Newsletter: 00:00 Mega Backdoor Roth IRA 00:20 Multiple 401(k) Rules 02:39 After Tax Employee Contributions 04:12 How To Do A Mega Backdoor Roth IRA... ( read more ) LEARN MORE ABOUT: IRA Accounts CO...

A mega backdoor Roth presents a wonderful opportunity to potentially save over $40,000 more into a Roth every year, even if you make too much money for a Roth IRA. We'll cover how a mega backdoor Roth works, as well as how you can take advantage of it. Every year the IRS tries to incentivize us through tax breaks on retirement accounts. Unfortunately, these contributions are capped for the 401(k). For 2022, you can contribute $20,500 ($27,000 age 50 and older) . And for an IRA, it's $6,000 ($7,000 age 50 and older). And additionally, if you make too much money for a Roth IRA, you might not be able to contribute. You might be a little confused if you look up the max 401(k) contribution because you might see a number that's a heck of a lot larger than $20,500, and that number is $61,000 ($67,500 age 50 and older). So, what's going on here? Well, if we include the employer side of the 401(k) contribution, we're capped at $20,500, but the employer can make...

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