Timothy Sumer

Have you ever considered a backdoor Roth IRA? It's a great way to save for retirement without having to worry about high taxes or a big up-front investment. In this video, I'll explain what a backdoor Roth IRA is, how it works, and the advantages and disadvantages of using it. I'll also provide you with tips and strategies for maximizing your savings and growing your retirement nest egg with a backdoor Roth IRA. Finally, I'll show you the process on how to open a backdoor Roth IRA. You can also use the pro rata rule to convert your Traditional IRA into a Roth IRA without paying taxes on the conversion. This technique will allow you to take advantage of the tax-free growth of your Roth IRA account while keeping all your investment options open. So don't miss this chance to unlock the power of a backdoor Roth IRA to grow your wealth! 📲 FOLLOW ME ON SOCIALS: Instagram: I am not a Financial Advisor, my videos are not financial advice. All investment comme

A Backdoor Roth IRA is a method where you make a nondeductible contribution to a Traditional IRA and then do a Roth conversion to a Roth IRA, allowing someone to contribute to a Roth IRA if they are over the income limits. This video will show you how to perform a backdoor Roth IRA step-by-step and guide you through the process with Fidelity Investments. I do this process every year with my own Roth IRA in Fidelity, and in the first part of this video, I explain the backdoor Roth IRA and why you may want to consider doing one and the steps I take at the beginning of every year to contribute to not only my backdoor Roth IRA, but also my HSA. As I perform my contributions once per year and both of these accounts are at Fidelity, this process is incredibly easy and convenient. This was my first video on this channel in 2022, and it was so popular throughout the year that I decided to remake this video with all of your FAQs baked in with some improved video editing to make