Timothy Sumer

Today on Your Money, Your Wealth podcast #209: Nationally recognized investing expert Paul Merriman makes the case that owning only two funds for life is a "home-run" investing strategy for some investors. Plus, Joe and Big Al answer your money questions: how should teachers, and others without Social Security or pension, save for retirement? How do you record flexible spending account contributions on your taxes? How long should you keep your tax records? And of course, this wouldn’t be YMYW without some talk about Roth IRAs - specifically, making Roth conversions and back door Roth contributions. Listen to the podcast, read the transcript and see the show notes for resources and giveaways: :46 - Paul Merriman: Teaching Financial Literacy to Kids and 2 Funds For Life 12:43 - Paul Merriman: 2 Funds For Life 21:54 - Teachers: How to Save for Retirement Without Social Security or Pension 28:39 - SEP IRA, Solo 401(k), Company 401(k) and Roth Conversions 31:31 -

In this video, John Bowens explains how to make a backdoor Roth IRA contribution and what factors into how much you can contribute and what is taxable. Start a conversation with an IRA Counselor to discover which account may be best for you: A backdoor Roth IRA contribution is an industry term that refers to a contribution to a traditional IRA that you immediately convert over to a Roth IRA. Modified adjusted gross income (MAGI) is adjusted gross income with certain exclusions added. Your MAGI will determine whether you can contribute directly to your Roth IRA or if you will need to make a backdoor contribution. Income restrictions will depend on if you file taxes as single, married filing jointly, or married filing separately. If you are a single filer: - MAGI below $129,000 means you can make a full contribution to your Roth IRA - MAGI between $129,000 and $144,000 means you can make a partial contribution - MAGI above $144,000 means you cannot make a contribution If