Visit our website: VIDEO TRANSCRIPT: For Americans, the Roth IRA is one of, if not the absolute best account you can save your money in. Most people know about the Roth IRA and its tax-free growth benefit if used correctly. But many people don’t think they are able to contribute to a Roth IRA because they earn more than the allowable income limits. In 2020, if you are single and make more than $124K a year, you are restricted on Roth IRA contributions. And for those married filing jointly, the limit on your joint income before restrictions begin is $196K. If you, or you and your spouse make more than this and would like to take advantage of the Roth IRA in your retirement planning …. You still can. There are many ways for high earners to still get money into a Roth IRA. Here are two that you may not know about…. The first one is the back-door Roth IRA strategy and it has been around for many years now. It is a completely legal way for high earners to fund a Roth IRA
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)