KEY TAKEAWAYS: Thanks to an upfront tax deduction and tax-free growth, HSA accounts are better than Roth IRAs. Maximizing your annual HSA contribution and delaying reimbursement of your medical expenses…
…on that account will grow tax-free and investors like Sarah could roll the Roth 401(k) portion of the account into a Roth IRA when they retire or when they leave…
…high to fund a Roth IRA directly, you may be eligible to contribute via a backdoor Roth IRA by converting your traditional IRA assets to a Roth IRA. Note: This…
…backdoor Roth IRA by converting your traditional IRA assets to a Roth IRA. Note: This strategy may not work if you have a regular IRA and you should consult with…
…such as an employer’s retirement plan, IRAs and taxable accounts, Health Savings Accounts, Deferred Compensation and Stock Purchase Programs. The amount of excess savings available and frequency of savable dollars-annual…
…before being converted to the Roth account, likely eliminating the possibility of paying tax on the growth. Once in the Roth, all future growth is tax-free! Real World Example Let’s…
…and your Roth IRA assets are not subject to RMD rules. A Roth IRA is also a great asset to give to your heirs. The Tax Impact Ahead No one…
…and your high business income resumes. 3. Maximize tax-free investment options through Roth IRAs and/or backdoor Roth IRAs. Backdoor Roth IRAs are often available to high income earners ineligible…
…contribute through a backdoor Roth IRA. Fund your child’s Roth IRA. If they have earned income, you can fund a Roth IRA up to their earned income or $5,500, whichever…
KEY TAKEAWAYS Many successful people entering their golden years have multiple retirement accounts with different tax statuses (IRAs, 401(k)s, Roth IRAs and more). While…