Podcasts about backdoor roth

Don and Tom expose the seductive illusion of “wealth without risk” by dissecting the explosion of equity-hedged ETFs and mutual funds. They tear into the high fees, low returns, and false promises sold by funds claiming to protect investors from market drops while capturing the upside. With support from recent Wall Street Journal coverage and AQR data, they explain how these “hedging” strategies—especially options-based ones—often underperform simple stock/bond portfolios. Listener questions tackle Roth conversions, AVGE vs. GLOV, and the myth of magical investing pills. 0:04 Investing dreams and chocolate dreams: both come with a price 1:31 Wall Street sells “protection” from volatility—Americans are buying 2:37 Hedged funds as “stock insurance”? More like expensive illusions 3:57 Comparing VOO to PHDG: 13% vs. 4.3% returns 4:54 Downside protection claims fall apart under scrutiny 6:18 Lower volatility, far lower returns—does it help you sleep or retire? 7:34 How these funds work: options-based “protection” explained 8:48 Options decay and premium costs crush performance 9:56 Simpler is better: most “safety” funds fail to beat basic stock/bond mix 11:03 5-year S&P 500 returns: mostly up, and up a lot 11:50 Hedged funds underperform in up years—and still lose in down ones 12:22 Hidden costs in options-based funds aren't in the expense ratio 13:30 Bottom line: no panacea, no magic. Just smart allocation 14:05 Investor responsibility: no one will protect your money but you 14:12 Listener Q&A intro and apology for delay 15:05 Backdoor Roth vs. regular Roth when income is uncertain 16:59 AVGE vs. GLOV: performance vs. philosophy 17:55 GLOV's returns look good—but it's far less diversified 19:21 Passive label vs. reality: GLOV is focused, possibly active 20:38 Short track record makes comparisons tricky 22:04 Don and Tom favor massive diversification over short-term wins 23:42 Set expectations low and you'll be pleasantly surprised 24:49 Ask us anything—and yes, crypto guy left another bad review 26:02 Crypto is “generational”? Maybe, but Don still won't use money he can't spend Learn more about your ad choices. Visit megaphone.fm/adchoices

If fishing were easy, they'd call it catching. If backdoor Roths were easy, they'd call it a loophole. Listen in as Nate Reineke and Ben Utley answer a cumbersome backdoor Roth question from a physician who fears they made a mistake, but the answer may be simpler than anticipated. We also answer your colleagues' questions. Investing Now: A retired physician in Alaska has a large nest egg, and they are concerned about the current economic and political situation. They want to know the best way to invest the cash. Practice buy-in: A specialist on the East Coast has a buy-in opportunity and is wondering the best way to finance it. Cash Balance Plan: An interventional radiologist from New Jersey is close to retiring and is curious if a cash balance plan is a good idea. Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

In this episode, I discuss the strategic timing for Roth conversions and how to maximize your contributions through the Mega Backdoor Roth 401(k).✅ Financial planning for 30-50 year old high-earners & entrepreneurs: ⁠⁠https://www.allstreetwealth.com⁠⁠✅ My personal blog & newsletter: ⁠⁠https://www.thomaskopelman.com⁠⁠Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.

What makes the Roth IRA one of the most powerful tools in personal finance? Josh breaks it all down, explaining how this tax-advantaged account can help build lasting wealth, avoid future tax hikes, and give you more control over your money. He walks through the key rules—like income limits, tax-free withdrawal qualifications, and the five-year rule—so you can understand exactly how to use a Roth IRA to your advantage. Josh also explains strategies like the Backdoor Roth for high earners, and how investing in high-growth assets within a Roth can supercharge long-term gains. The Roth IRA might just be your financial Swiss Army knife after listening to this one. Then in 'Extra Points,' Josh reacts to Elon Musk's bold move to integrate X with X AI, breaking down what this private deal could mean for the future of media, AI, and investment strategy. Can't get enough of The Financial Quarterback? Click ‘Subscribe' so you never miss a play. If you're enjoying the show, leave a 5-star rating and drop a review—it helps keep the game going!

In this episode of Beer and Money, Alex Collins discusses various strategies for contributing to Roth accounts, including Roth IRAs, Roth 401ks, backdoor Roths, municipal bonds, and permanent life insurance. He emphasizes the importance of consulting with tax professionals and understanding individual circumstances when choosing the best strategy for tax-free growth and withdrawals. Check out our website:  beerandmoney.net For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo Takeaways Roth accounts use after-tax dollars for contributions. Roth IRA contribution limits are $7,000 per person per year. Income limits apply for Roth IRA contributions. Roth 401k options are increasingly common in employer plans. Conversions from traditional to Roth accounts incur taxes. Municipal bonds offer tax-exempt income but vary by state. Permanent life insurance can provide tax-free access to cash value. Consulting a tax advisor is crucial for these strategies. Understanding individual financial situations is key to choosing strategies. A combination of strategies may be the best approach.   Chapters 00:00 Introduction to Roth Strategies 02:25 Exploring Roth IRA Contributions 04:14 Understanding Roth 401k Options 06:54 Utilizing Municipal Bonds for Tax Benefits 08:15 Permanent Life Insurance as a Roth Strategy

In this episode of the Directed IRA Podcast, Mat Sorensen breaks down one of the most powerful tools for building long-term, tax-free wealth: the Backdoor Roth IRA. Many high-income earners believe they're ineligible for Roth IRAs due to income limits—but that's where the backdoor strategy comes in.Mat walks you through how the Backdoor Roth IRA works in 2025, including the three-step process of contributing to a traditional IRA, making it non-deductible, and then converting it to a Roth. He covers common pitfalls like the pro-rata rule and re-characterization mistakes, explains how to double up contributions for 2024 and 2025, and shares why this strategy remains one of the best-kept secrets in retirement planning—even with ongoing attempts by Congress to shut it down.Whether you're new to this strategy or need a refresher on the rules for 2025, this episode gives you the clarity and confidence to make it work.

Introduction:In Episode, hosts Nate Reineke and Ben Utley delve into the complexities of the backdoor Roth IRA, a popular strategy for high-income earners. They address common misunderstandings and provide clarity on how to navigate potential pitfalls, such as the pro-rata rule.Summary:Join Nate and Ben as they explore the backdoor Roth IRA process. This episode tackles listener questions about bond discounting, the emergency fund allocation into bonds, and strategies for buying a house while staying on track for retirement savings. The focus is on clarifying the nuances of the backdoor Roth IRA to help physicians maximize their retirement savings while avoiding unnecessary tax liabilities.Key Highlights:1. Understanding the Backdoor Roth IRA:Explanation of the pro-rata rule and how it affects Roth conversions when traditional IRA balances exist.2. Bond Discounting Basics:A deep dive into what bond discounting is and how interest rates impact bond values and strategies for using bonds as part of an emergency fund.3. Buying a House in High-Cost Areas:Discussion on the financial considerations and challenges faced by physicians buying homes in expensive cities like San Diego and San Francisco.4. Employer Contributions to Retirement Plans:Clarification on the nature of discretionary contributions and how they can change.5. Handling Traditional IRAs for Roth Conversions:Strategies to manage existing traditional IRA balances, including rolling them into a TSP or considering a Roth conversion for long-term growth.Call to Action:For more information, visit https://www.physicianfamily.com/Disclosure:See marketing disclosures at https://www.physicianfamily.com/disclosuresClosing Thought:Remember, you're not just making a living; you're making a life.

Questions About Your Financial Planning? Schedule a FREE Discovery Call: HERE's my calendar   Join the Retirement Lifestyles Inner Circle: www.PatrickMcNally.com   Facebook: https://www.facebook.com/RetirementLifestylesAdvisors/ Instagram: @Retirement_Lifestyles_Advisors LinkedIn: https://www.linkedin.com/in/theretirementincomeadvisor/ Twitter: @The_McNally Questions? Call or Text 530-319-5158   Disclosures Information presented is believed to be factual and up to date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the host on the date of publication and are subject to change. All information is based on sources deemed to be reliable, but no warranty or guarantee is made as to its accuracy or completeness. Financial calculations are based on various assumptions that may never come to pass. All examples are hypothetical and are for illustrative purposes only. Charts, graphs, and references to market returns do not represent the performance achieved by Retirement Lifestyles Advisory Group or any of its advisory clients. Content should not be construed as personalized investment advice, nor should it be interpreted as an offer to buy or sell any securities mentioned. A professional advisor should be consulted before implementing any of the strategies presented. Past performance may not be indicative of future results. All investment strategies have the potential for profit or loss. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for an investor. In addition, there can be no assurances that an investor's portfolio will match or outperform any particular benchmark. Asset allocation and diversification do not assure or guarantee better performance and cannot eliminate the risk of investment losses. The social security, tax, legal, and estate planning information provided is general in nature. It should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Retirement Lifestyles Advisory Group is not affiliated or endorsed by the Social Security Administration of the United States. Case studies are for illustrative purposes only and should not be construed as testimonials. Every investor's situation is different, and goals may not always be achieved. Retirement Lifestyles Advisory Group is registered as an investment advisor and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Registration as an investment advisor does not constitute an endorsement of the firm by securities regulators, nor does it indicate that the advisor has attained a particular level of skill or ability.

Is it better to save for retirement in traditional 401(k)s and IRAs, or in Roth accounts? That's today on Your Money, Your Wealth® podcast 518 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, what are the rules around contributing to two different types of Roth accounts? If required minimum distributions will be staggered because of a couple's age difference, should they convert their retirement savings to Roth, or leave it alone? But first, Joe and Big Al have a backdoor Roth conversion withdrawal debate to settle. Access free financial resources and the episode transcript: https://bit.ly/ymyw-518 DOWNLOAD The Ultimate Guide to Roth IRAs for free WATCH Will Your Money Last Through Retirement? on YMYW TV DOWNLOAD The Retirement Lifestyles Guide for free WATCH Is a Market Correction Coming in 2025? Q&A and Feedback (YouTube Exclusive) ASK Joe & Big Al for your Retirement Spitball Analysis SCHEDULE your Free Financial Assessment SUBSCRIBE to YMYW on YouTube DOWNLOAD more free guides READ financial blogs WATCH educational videos SUBSCRIBE to the YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 01:02 - Can Backdoor Roth Conversions Be Withdrawn at Any Time? (Tyler, Arlington, VA) 06:11 - Am I Allowed to Have Two Roth Accounts? Should I Use My Roth 403(b)? (Kimberly, NY) 07:06 - Should I Switch Contributions from Traditional TSP to Roth? (Kate, Cleveland, OH) 11:47 - Download the Ultimate Guide to Roth IRAs for free 12:43 - Self-Insuring Long-Term Care: Traditional IRA or Roth? (Neo, San Clemente, CA) 18:05 - Our RMDs Will Be Staggered. Should We Convert $4M to Roth or Leave It Alone? (Mike, Western PA) 22:00 - Should I Switch Traditional IRA Contributions to Roth? (Joe, NC) 25:39 - Watch Will Your Money Last Through Retirement? on YMYW TV, Download the Retirement Lifestyles Guide for free 26:31 - Should We Dial Back Pre-Tax Savings and Put More in Brokerage? (Herc & Angel, MA) 31:44 - We Can Mega-Save. What's Our Plan of Attack? Ricky Bobby, Charlotte, NC) 38:42 - Watch "Is a Market Correction Coming in 2025? YMYW Podcast Q&A and Feedback" (YouTube Exclusive)

"What's the mission for this money?" "Wealth is what you DON'T see." "Go find something you're really excited about." "Contributions, Conversion, Characterization." "It's OK to follow your curiosity!" This episode is full of gems of wisdom from ALF. Some major questions include: Do political changes adjust my investing strategy?  How do I fight against the pull to get a car that's more expensive? What's a backdoor Roth IRA? Who needs to do it? Is there an income limit for Roth TSP contributions? Do I need to make quarterly estimated tax payments? Any advice for career changes after the military? How do I find a fulfilling career after the military? Links we mentioned today: MQFP (Military Qualified Financial Planner) MilMoneyCon (next event is May 15-17, 2025 in San Antonio) Our previous episode w/ ALF on Survivor Benefit Program (#89) Erik Baskin's newsletter Personal Finance Club post about performance during Presidents Daniel Kopp's Military to Financial Planner podcast Military Financial Advisors Assocation (MFAA) Winged Wealth blog post on Risk Brian O'Neill on LinkedIn WingedWealth.com For a limited time, Spencer is offering one-on-one Military Money Mentor sessions! Get your personal military money and investing questions answered in a confidential coaching call. Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE! If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email podcast@militarymoneymanual.com. If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com. I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3. The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.

The Backdoor Roth might be the greatest tax loophole for high income individuals… But 99% of people have no idea how to do it correctly. So, in this episode, I'm going to tell you exactly how to do a backdoor Roth contribution without messing it up.

Send us a textThe Tax Plan walks you through various tax planning strategies to help you keep more of your hard earned money. Today, we talk a more advanced topic: backdoor Roth conversions to convert pre-tax money into a tax-free Roth account. Roth accounts avoid the RMD restrictions that affect retired taxpayers, and allow money to compound tax FREE forever. Learn how to utilize this powerful wealth building tool. 

Roth IRAs are a great way to create wealth. Roths offer tax-free withdrawals of contributions and earnings in retirement. Plus, that money can grow tax-free indefinitely because Roths are not subject to required minimum distributions. However, as Peter with Richon planning explains to Erin Kennedy, there is a catch: you can only contribute to a Roth IRA if your income is below $165,000 for single filers and under $246,000 if you filed married. If you're over that limit, there are still 4 ways to contribute to your Roth account, including: 1.Roth 401(k) 2. Roth conversion 3. Backdoor Roth 4. Mega-backdoor Roth IRA Some of these strategies are more complex than others, so if you're above those income limits and are considering one of these strategies, please reach out to Peter by calling (919) 300 - 5886 or visit www.RichonPlanning.com

Today we start out answering a few of your Mega Backdoor Roth questions. Then we move to answering a handful of questions about student loans including if we think the Trump administration is going to get rid of PSLF. We also have friend of WCI, Dr. Gretchen Green, join us for a few minutes to talk about the power of side gigs and increasing your income. Especially if you can use the skills you already have from your training. Dr. Green teaches docs how to boost their income by doing expert witness work. Today's episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply. 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 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 is for you! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Today we are answering your retirement account questions. We answer questions about the mega backdoor Roth, Roth conversions, solo 401(k)s, individual IRAs and what to do with an inherited IRA. Today's episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply. 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 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 is for you! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Joe Anderson, CFP® and Big Al Clopine, CPA spitball on paying the tax on your Roth conversions on Your Money, Your Wealth® podcast number 507. If you take the money out of your retirement account, what does Joe mean that you'll be “paying the tax to pay the tax to pay the tax”? Can you pay it from the Roth account itself, or from your monthly pension tax withholding? Are the fellas wrong on this whole topic altogether? They also spitball on withdrawing Roth 401(k) contributions that were rolled to an IRA, those infamous 5-year rules for withdrawals from Roth accounts, when to do Roth conversions, saving to tax-deferred, taxable, or tax-free accounts, and how long-term capital gains taxes fit into the picture. Plus, consolidating individual stock investments and the fate of the home office deduction, and what Joe thinks about the Apple Podcasts reviewer that says he's checked out. Access all the free financial resources and the episode transcript: https://bit.ly/ymyw-507 DOWNLOAD The 5 Year Rules for Roth IRA Withdrawals  DOWNLOAD The Withdrawal Strategy Guide WATCH How to Break Through Retirement Barriers on YMYW TV CALCULATE your free Financial Blueprint REQUEST: Ask Joe & Big Al for your Retirement Spitball Analysis SCHEDULE: free financial assessment SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter Timestamps: 00:00 - Intro: This Week on the YMYW Podcast 01:06 - Can I Withdraw Roth 401(k) Contributions That Were Rolled to IRA? (Peter LemonJello, FL) 05:32 - Paying the Tax to Pay the Tax” on Roth Conversions Clarified (David) 09:13 - Should We Save to Tax-Deferred Accounts, Backdoor Roth, or Brokerage? (David & Victoria, Cincinnati, OH) 15:23 - Watch How to Break Through Retirement Barriers on YMYW TV, Calculate Your Free Financial Blueprint 16:17 - Should I Do Roth Conversions at Age 66 If I Want to Retire at 70? (Mike, PA) 17:49 - You're Wrong About Roth Conversion Tax Payments (Robert, YouTube) 20:20 - Can I Pay Roth Conversion Tax From Monthly Pension Withholding? (Big Toe Knee, YouTube) 20:45 - Should I Consolidate Individual Stocks Into ETFs? (Lu, YouTube) 22:44 - Do I Understand the 5-Year Rules for Roth Withdrawals? (NR, YouTube) 25:51 - Download the 5-Year Rules for Roth IRA Withdrawals and the Withdrawal Strategy Guide 26:39 - Was the Home Office Deduction Eliminated Under the Tax Cuts and Jobs Act? (George, YouTube) 27:30 - Contributing to Roth vs. Pre-Tax: Would It Count as Long-Term Capital Gains? (Moriel, YouTube) 30:16 - Is it a Good Idea to Pay Roth Conversion Tax Out of the Roth? (Michelle, Facebook) 31:35 - Joe is Completely Checked Out (Anonymous Apple Podcasts Review) 33:19 - Outro: Next Week on the YMYW Podcast

In episode 302 of More Than Commas, Host Paul Adams discusses the Backdoor Roth IRA, a strategy designed for high-income earners who exceed the income limits for direct contributions to a Roth IRA. Listeners will learn how to navigate these limits and create a more tax-efficient retirement strategy.   ---   This Material is Intended for General Public Use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation. Sound Financial LLC dba Sound Financial Group is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Insurance products and services are offered and sold through Sound Financial LLC dba Sound Financial Group and individually licensed and appointed agents in all appropriate jurisdictions. This podcast is meant for general informational purposes and is not to be construed as tax, legal, or investment advice. You should consult a financial professional regarding your individual situation. Guest speakers are not affiliated with Sound Financial LLC dba Sound Financial Group unless otherwise stated, and their opinions are their own. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. Past performance is not a guarantee of future results.

In this episode of Passive Income Pilots, Tait Duryea and Ryan Gibson welcome back financial expert Timothy Pope to unravel the complexities of retirement strategies for high-income professionals, focusing on the Mega Backdoor Roth. Timothy explains how this powerful tool allows pilots to contribute significantly more to their 401(k) accounts, unlocking tax-free growth opportunities. You will gain clarity on Roth vs. Traditional contributions, tax implications, and the strategic use of post-tax dollars. Whether you're a super-saver or exploring alternative investments, this episode is packed with actionable insights to help you take control of your financial future.Timothy Pope is a financial advisor specializing in retirement strategies and financial planning for pilots and high-income professionals. With extensive expertise in tax-advantaged investing and wealth management, Timothy brings clarity to complex financial topics like the Mega Backdoor Roth. He is the host of the Pilot Money Podcast and helps aviators navigate tailored financial solutions to achieve their investment goals and maximize their life's potential.Show notes:(0:00) Intro(5:29) What is the Mega Backdoor Roth?(8:53) Key tax strategies for high-income pilots(15:30) Airline 401(k) plans and post-tax contributions(18:51) Dissecting the Mega Backdoor Roth(24:15) Super-savers and retirement planning strategies(27:24) Retirement roadmap options for pilots(33:16) Maximizing the Mega Backdoor Roth(38:27) Pre-tax vs. Roth contributions(42:20) Threshold for a higher tax bracket(49:46) OutroConnect with Timothy Pope:Linkedin: https://www.linkedin.com/in/timothyp-pope/ Website: http://www.tpope.ceterainvestors.com/ Pilot Money Podcast: https://podcasts.apple.com/us/podcast/pilot-money-podcast/id1718915375 — You've found the number one resource for financial education for aviators! Please consider leaving a rating and sharing this podcast with your colleagues in the aviation community, as it can serve as a valuable resource for all those involved in the industry.Remember to subscribe for more insights at PassiveIncomePilots.com! https://passiveincomepilots.com/ Join our growing community on Facebook: https://www.facebook.com/groups/passivepilotsCheck us out on Instagram @PassiveIncomePilots: https://www.instagram.com/passiveincomepilots/Follow us on X @IncomePilots: https://twitter.com/IncomePilotsGet our updates on LinkedIn: https://www.linkedin.com/company/passive-income-pilots/Do you have questions or want to discuss this episode? Contact us at ask@passiveincomepilots.com See you on the next one!*Legal Disclaimer*The content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions.

Changes in the SEC under Trump that you should know There will be many changes under Trump, but for investors the SEC, which is also known as the Securities and Exchange Commission could be a big one. The current head of the SEC, Gary Gensler, is likely gone for sure. He has been tough on Wall Street and even tougher on cryptocurrencies. It is likely Trump will appoint a new SEC chairperson who will want to have less control over Wall Street. One name on that list is Hester Pierce. She was appointed by Trump in his first term and is one of two current Republican commissioners. She also voted against most of Gary Gensler's initiatives and is much friendlier towards Wall Street. That doesn't mean everything will run wild and in particular, she still would like to see regulation for the cryptocurrency business. It seems she disagrees with both Gensler and Trump-appointed predecessor, Jay Clayton, who sued crypto startups that didn't register their products as securities. Instead, she would rather see new regulations for crypto's technology. Her approach would be different than Gensler, but it seems that she still wants to protect the investor by using stronger regulations. One rule in the works that may not make it into the books that had much controversy was forcing companies to disclose climate related risks. The SEC voluntarily put the rule on hold while it is litigated. Another one in litigation is for rules that hedge funds and brokers must report on short positions and stocks lent for short selling. Unless these two can pass before the new administration takes over in January, I don't believe they will have any chance of surviving. There are also other rules in litigation that are in limbo that will probably be dropped next year. Be sure to stay tuned to the Smart Investing Show for updates and changes in regulations by the SEC, as I'm quite confident it will look very different next year!   Is Michael Saylor, CEO of MicroStrategy, a genius or a crazy man? If you're not familiar with MicroStrategy, their symbol is MSTR. Their CEO is famous for not just buying bitcoin, but leveraging everything he can to invest all the assets into bitcoin. I listened to a podcast that Mr. Saylor did recently and I was shocked at many things he said. If you follow us on a regular basis, you know we're not advocates of investing in cryptocurrencies or bitcoin, but this CEO takes it to the extremes on the other side. The company's financial statements look like a disaster, I'm surprised they are still in business. Mr. Saylor stated they just borrowed billions of dollars to purchase $4.6 billion in bitcoin, which brings their bitcoin holdings up to about $40 billion. The company only has $60 million in cash. If you do the math, MicroStrategy currently owns about 1.6% of the market value of all the bitcoin. With all the rumors floating around about the US government being an advocate of bitcoin and perhaps even setting up a bitcoin reserve, the price of bitcoin is now around $100,000. Mr. Saylor was laughing as he spoke about the current value of bitcoin at $1.8 trillion and said he sees it going to $180 trillion in 20 years, at that level the price of one bitcoin would be $13 million. The host of the podcast did a quick analysis and said based on that projection, the market cap of your stock, which is currently $89 billion would be worth roughly $10.5 trillion in 20 years. The response was, yes that's what the math says. The only reason I could come up with why Mr. Saylor is so optimistic is he feels in 20 years 7% of all the world's money will be in bitcoin. I have read from many professors and experts on the global economy that have said this will never happen because governments will not be able to control their own economy. He also stated that bitcoin should be the world currency and in 20 years there should be $500 trillion in digital assets. I've been in the investment world now for over 40 years and none of this makes any sense to me. I do believe there will be a major storm someday in the future. As far as investing in the stock MSTR, the company has no earnings, no cash flow and nearly a 16% short holding betting on a stock decline. The stock has a 52 week low of about $44 a share vs a high of $505 a share and currently trades around $440 a share. I have to say this is not a company, but more of a management company of a non-diversified asset or a leveraged bet all in bitcoin.    The housing market has changed It used to be couples would get married and buy a house in their late 20s, but now because of a different lifestyle and higher prices for homes, first time buyers are now nearly 40 years old. I also found it interesting that there are now more single people buying homes. Single women are generally about six years older than single men when buying homes. However, roughly 20% of single women are first time home buyers, which is more than double their male counterparts. People in their early 60s have become the most active in the current housing market. This is the generation that scratched and saved and sacrificed to buy a home back in the 1980s. Even then houses were not that affordable, not to mention interest rates looked a whole lot different! But now those buyers, some of which have accumulated close to 40 years of equity have benefited handsomely and account for a big portion of the $35 trillion in home equity across the US. For those looking to buy, there are some signs of relief in home prices with some areas in Texas and Florida that were not too long ago very hot markets starting to see price declines. I feel it could take another couple years to get a more normal housing market, especially with about 25% of people having a mortgage on their home of 3% or less. With such a low rate, they would probably be more likely to remodel or do an addition rather than sell their house.     Beware of IRA Income Limits Saving money is obviously a great thing, but it is important to be aware of the income limits when making both Traditional IRA and Roth IRA contributions.  Contributions to IRAs can be made at any age, but you need W-2 or self-employment income to contribute.  However, if your total income from all sources is too large, this may prevent you from making contributions as well. With Traditional IRAs, you can make contributions at any income level, but your ability to deduct those contributions is phased out if your income is too high, assuming you have access to an employer retirement plan like a 401(k).  Since getting a tax deduction is one of the main benefits of a traditional contribution, high-income earners would likely want to fund a different account instead. For a single filer this phase out begins at $77,000, and for married filers this begins at $123,000. If your spouse has access to a workplace retirement plan but you do not, your phase out for traditional IRA contributions begins at $230,000. Roth IRAs are subject to different limits.  For single filers the ability to contribute begins to be phased out when income reaches $146,000 and for married filers at $230,000.  So with traditional IRAs, your income determines if the contribution is deductible, with Roth IRAs your income determines if you can make the contribution at all.  Unfortunately, I see people making Roth IRA contributions when they aren't eligible to all the time.  This can happen if you are used to making a Roth contribution every year and eventually through raises or bonuses or whatever your income exceeds the limit without you knowing. Now with Roth IRAs, there is a workaround called a Backdoor Roth contribution that can be used to make Roth contributions when income is over the limit.  To do this effectively, the contributor cannot have any Traditional IRA money.  If they do, they would need to roll it into a workplace plan like a 401(k) before implementing the Backdoor Roth contribution.  The Backdoor Roth involves making a non-deductible contribution to a Traditional IRA, which again can be done at any income level, followed by a conversion into a Roth IRA.  Conversions do not have income limits and because the initial contribution to the Traditional IRA was not deductible, it is not taxable when converted to the Roth IRA.    Companies Discussed: Comcast Corporation (CMCSA), Delta Air Lines, Inc. (DAL) & Alphabet Inc. (GOOG)

We're back with the next episode in our Back to Basics Money Series! Sarah is here to discuss everything IRAs. What's the difference between a Roth IRA and a Traditional IRA? What's a Backdoor Roth? How do these affect my taxes? Sarah is here to answer all these questions and more! We also dive into risk tolerance and stock market fluctuations.  Sarah is a personal finance nerd who learned about finances and investing from an early age from her father and grandfather, who both spent their careers in the corporate finance world. As an adult, Sarah immersed herself in the personal finance and FIRE spheres, learning from top experts. Sarah is my personal go-to for all financial questions, and she's here to share her knowledge with all of you! SPONSORS ⁠AAPA Career Central: aapa.org/careercentral CREATED COLORFUL CONSULT: https://createdcolorful.myshopify.com/discount/TRACY  Code: TRACY⁠  CONNECT WITH SARAH Email: sjmvirtualsolutions@gmail.com LinkedIn: linkedin.com/in/sarah-miller-pa-va/ RESOURCES Previous episodes: Never Say Never: The Journey of a Critical Care PA Back to Basics: Meet Sarah Back to Basics: What Actually IS Investing? COACHING ⁠1-ON-1 NEGOTIATION CONSULT https://calendly.com/the-pa-is-in/negotiate⁠  ⁠FREE 30-MINUTE COACHING CONSULT⁠ ⁠https://calendly.com/the-pa-is-in/gen-call⁠   LINKS EPISODE BLOG POST https://www.tracybingaman.com/blog ⁠TRACY ON INSTAGRAM https://www.instagram.com/mrstracybingaman/⁠ ⁠TRACY ON LINKEDIN https://www.linkedin.com/in/tracybingaman/⁠ SUPPORT THIS PODCAST: https://podcasters.spotify.com/pod/show/thepaisin/support --- Support this podcast: https://podcasters.spotify.com/pod/show/thepaisin/support

In today's episode of the Money Mastery Unleashed podcast, Adam Olson, a seasoned CFP and advisor with Mutual of Omaha, reveals an advanced strategy for turbocharging your tax-free retirement savings. With over 14 years of industry experience, Adam dives into the details of how high-income earners can put away more than $70,000 annually into their Roth accounts through a combination of mega backdoor Roth and backdoor Roth strategies. He explains how these strategies can be leveraged within 401(k) plans and Roth IRAs to achieve significant tax-free growth and income in retirement. Adam emphasizes the importance of working with a qualified advisor to navigate the complexities of these strategies, ensuring compliance with IRS regulations and maximizing the benefits of tax-free growth. By implementing these techniques, listeners can set themselves up for a financially secure future, free from the burden of future tax hikes. Tune in to discover how you can transform your retirement savings approach and secure a prosperous, tax-free retirement. "Utilize your 401(k) plan to its full potential with after-tax contributions and in-plan Roth conversions for maximum tax-free growth." Key Takeaways: Roth IRA and Its Advantages Income and Contribution Limits for Roth IRA Mega Backdoor Roth Strategy Tax Implications and IRS Compliance Learn more about Adam Olson by visiting the following links: Facebook Personal Website Business Website -- Investing involves risk, including loss of principal.    Be sure to understand the benefits and limitations of your available options and consider all factors prior to making any financial decisions.  Any strategies discussed may not be suitable for everyone.  Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC.  Adam Olson, Representative.  Mutual of Omaha Investor Services is not affiliated with any entity listed herein.  This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services and its representatives do not offer legal or tax advice. The information presented is subject to change without notice and is not intended as an offer or solicitation with respect to the purchase or sale of any security or insurance product. Mutual of Omaha Investor Services and its various affiliates do not endorse or adopt comments posted by third parties.  Comments posted by third parties are their own and may not be representative or indicative of other's opinions, views, and experiences.

Roth IRAs offer great tax-free income benefits, but to make the most of them in retirement, here are seven things you need to know:Contribution Limits: In 2024, you can contribute up to $7,000 annually ($8,000 if 50+), across both Roth and traditional IRAs.Access to Contributions: You can withdraw your contributions at any time, tax-free and penalty-free. Only earnings are subject to penalties if withdrawn early.The Five-Year Rule: To withdraw earnings tax-free, the Roth IRA must be held for at least five years.Income Limits & Backdoor Roths: High earners may not be able to contribute directly, but a backdoor Roth strategy can help. Consult a financial advisor for guidance.No RMDs: Roth IRAs don't require minimum distributions, allowing your funds to grow as long as you want.No Impact on Social Security: Roth IRA withdrawals won't count toward your provisional income, potentially lowering your Social Security tax.No Medicare Surcharge: Roth withdrawals don't affect your adjusted gross income, helping you avoid higher Medicare premiums.By understanding the points above, you can use a Roth IRA to manage taxes and increase flexibility in your retirement.Submit your request to join James:On the Ready For Retirement podcast: Apply HereOn a Retirement Makeover episode: Apply Here Timestamps:0:00 - What is a Roth IRA?1:38 - Free withdrawals3:15 - The 5-year rule4:49 - Income thresholds6:01 - Backdoor Roth contribution8:18 - No RMDs9:26 - Not provisional income12:10 - Not part of IRMA calculations13:06 - Income requirement nuances 14:49 - Wrap-upCreate Your Custom Strategy ⬇️ Get Started Here.

Send us a textDo you know how to unlock the power of tax-free retirement savings using a Mega Backdoor Roth? In this episode, Mike Jesowshek provides a beginner's guide to building a Mega Backdoor Roth IRA in 2024. He explains the differences between traditional and Roth IRAs, then details how to maximize retirement savings using the Mega Backdoor Roth strategy. Mike breaks down the steps for contributing beyond standard limits, focusing on how business owners can utilize solo 401(k) plans. He also discusses the long-term benefits of tax-free growth and withdrawals, addressing common concerns and mistakes along the way.Discover the strategies to potentially grow your account to a million dollars in just a few years![00:00 - 05:21] Introduction and Basics of Roth IRAs Roth IRAs allow tax-free growth and withdrawals in retirement.  Traditional vs. Roth: Traditional IRAs offer tax deductions upfront, while Roth IRAs grow tax-free with withdrawals in retirement.  Max contributions for 2024: $7,000 ($8,000 for those over 50).  [05:22 - 11:18] Backdoor and Mega Backdoor Roth ExplainedThe backdoor Roth strategy involves making non-deductible contributions to a traditional IRA and then converting it to a Roth IRA.  Mega Backdoor Roth allows much larger contributions using 401(k) plans.  Benefits of Mega Backdoor Roth include higher contribution limits, tax-free growth, and tax-free withdrawals.  This strategy is beneficial for anyone with access to a 401(k) plan, even those in lower tax brackets.  [11:19 - 14:08] Strategy Steps and ExampleMax out employee contributions, then after-tax contributions, and convert to a Roth the next day.  A business owner can contribute up to $76,000 per year and, with a 12% return, accumulate over $1 million in just 7.5 years.  The earlier you start, the greater the potential for tax-free growth.Direct Quotes:"The beauty behind a Roth is that you take the pain today, but it grows tax-free, and your withdrawals in retirement are tax-free." - Mike Jesowshek, CPA"The Mega Backdoor Roth strategy allows you to supercharge your retirement savings with higher contribution limits and long-term tax advantages." - Mike Jesowshek, CPA"Imagine putting away $76,000 per year into a Roth and seeing it grow tax-free — that's mind-blowing." - Mike Jesowshek, CPA  Check out this episode's blog post: https://www.taxsavingspodcast.com/blog/guide-to-building-a-mega-backdoor-roth______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com 

0:00 Intro 0:54 Preview 2:11 Topic 1: Deferred Compensation 8:06 Topic 2: After-Tax Contribution to Retirement Plans 12:45 Topic 3: Net Unrealized Appreciation (NUA) So you're an executive at work with an excellent benefit plan. Have you sat down with a professional to make sure you are taking full advantage of every aspect of your plan? This edition of Fundamentals of Investing is the second installment of our "Employee Benefits" series. Working with corporate executives is one of our specialties at Left Brain and there are a lot of aspects to it that you may not have considered. In episode 2, we cover the pieces of your employee benefits package beyond your equity comp. CEO Noland Langford lays out his views of how to build wealth using these three workplace benefits: (1) Deferred Compensation (2) After-Tax Contribution to Retirement Plans (3) Net Unrealized Appreciation (NUA) Each carries its own intricacies and your HR department is unlikely to be able to give you advice on how best to manage these benefits. In the latest Fundamentals of Investing series, CEO Noland Langford gives you a crash course on how these benefit plans work and some of the techniques he has used for clients over the years. Helping clients manage these crucial investment decisions has been a specialty of Left Brain since the firm's founding in 2014. We want to stress that going it alone in managing your employee benefits package could cost you a significant amount of money in the long run, both in taxes and in investment losses. If you are looking for guidance, we would urge you to contact Brian Dress using the information below to set up an initial consultation. Get on Brian's calendar directly to discuss a plan for Build, Grow, and Preserve Your Wealth and maximize your employee benefits at Our Calendar You can call Brian Dress at (630) 547-3316 or email at briand@leftbrainwm.com To check out our website, head over to https://leftbrainwm.com/ DISCLAIMER: This report contains views and opinions which, by their very nature, are subject to uncertainty and involve inherent risks. Predictions or forecasts, described or implied, may prove to be wrong and are subject to change without notice. All expressions of opinion included herein are subject to change without notice. Predictions or forecasts described or implied are forward-looking statements based on certain assumptions which may prove to be wrong and/or other events which were not taken into account may occur. Any predictions, forecasts, outlooks, opinions, or assumptions should not be construed to be indicative of the actual events which will occur. Investing involves risk, including the possible loss of principal. The opinions and data in this report have been obtained from sources believed to be reliable; neither Left Brain nor its affiliates warrant the accuracy or completeness of such and accept no liability for any direct or consequential losses arising from its use. In addition, please note that Left Brain, including its principals, employees, agents, affiliates, and advisory clients, may have positions in one or more of the securities discussed in this communication. Please note that Left Brain, including its principals, employees, agents, affiliates, and advisory clients may take positions or effect transactions contrary to the views expressed in this communication based upon individual or firm circumstances. Any decision to effect transactions in the securities discussed within this communication should be balanced against the potential conflict of interest that Left Brain, its principals, employees, agents, affiliates, and advisory clients has by virtue of its investment in one or more of these securities. Past performance is not indicative of future performance. The price of securities can and will fluctuate, and any individual security may become worthless. A high or favorable rating, rating outlook, gauge, or similar opinion is not indicative of future performance, and no user should rely on any such rating, rating outlook, gauge, or similar opinion to predict performance or potential for return. Future performance may not equal projected or forecasted performance or potential for return. All ratings and related analysis, as well as data, statistics, analysis, and opinions contained herein are solely statements of opinion and are not statements of fact or recommendations to purchase, hold, or sell any security or make any other investment decisions. This report may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, and forecasts. There is no guarantee that any forecasts made will materialize. Reliance upon information herein is at the sole discretion of the reader. THE REPORT IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND.

This pharmacist tackled his student debt with extreme focus and paid off over $170,000 in only 2 years! He said he and his wife had the goal to get rid of the debt quickly and discussed it in depth before they got married. The student loan pause was a huge motivator to keep plowing as much money as possible towards the loans while they were not accruing interest. This couple is inspiring and shows what you can accomplish with a solid plan and some motivation! After the interview we will be talking about Mega Backdoor Roth IRA for Finance 101. Unlock the power of your retirement savings with the Mega Backdoor Roth Solo 401(k) from My Solo 401k Financial! As the leading provider, My Solo 401k Financial allows you to contribute up to $76,500 annually to your Roth account, enabling tax-free growth and substantial future savings. They simplify the process by helping you open accounts at your preferred bank or brokerage and handling all compliance support. Accelerate your retirement nest egg with a Mega Backdoor Roth Solo 401(k) plan from My Solo 401k Financial! https://www.mysolo401k.net 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 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! Be a Guest on The Milestones to Millionaire Podcast: https://www.whitecoatinvestor.com/milestones  Main Website: https://www.whitecoatinvestor.com  Student Loan Advice: https://studentloanadvice.com  YouTube: https://www.whitecoatinvestor.com/youtube  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Compelling options to save for retirement, including the mega backdoor Roth, exist. But only if you have access.  Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, talks about how the opportunity to save $69,000 in a tax-advantaged account is no small thing. You should be adamant that you get access. Welcome to Financially Well, the finance podcast for Millennials.

Today's show: The benefits of credit cards, recommended stock portfolio allocations and resources for helping kids learn about money. Plus: How to execute a rollover or backdoor Roth IRA? (Questions are an encore from April 19)

We're all going to pay taxes, but knowing how the system works can prepare us for retirement with a little more money in our savings accounts. Today's guest, Charlie Horonzy, returns to discuss the ways we can use the tax code to our advantage. We discuss how tax planning is one of the most critical aspects of financial planning, how much better retirement can be when well-planned for, and when you should be paying taxes now vs later. Charlie gives some great examples of how the Tax Cuts and Jobs Act can benefit different people depending on their tax bracket and why an emergency fund is an important part of tax planning. Near the end of the episode we discuss why your planner and your accountant must be communicating, in order for you to get the best deal on your taxes - without any surprises. This episode is a great listen for anyone ready to dig a little deeper into their tax plans.Key Takeaways:• How saving a few percentage points on taxes each year will pay off in the long run.• Should you pay taxes now or later? And what savings plans are going to be right for your situation?• How different accounts and careful reading of documents can save you a lot of pain.• Why you should ensure your accountant and your financial planner are communicating.Key Timestamps:(00:00:00) - Introduction(00:01:33) - Financial Planning is Tax Planning(00:06:23) - Taxes Now or Taxes Later?(00:10:17) - Tax Cuts and Jobs Act(00:15:12) - Tax Planning for Retirement(00:21:02) - How to Adapt Savings to Taxes(00:23:40) - How to Plan for Changes of Plan(00:28:22) - Emergency Funds for Tax Surprises (00:32:02) - The Backdoor Roth(00:35:10) - Your Planner and Accountant Need to Collaborate(00:37:49) - Charlie's Closing CommentsKey Topics Discussed:Catholic Financial Planning, Catholic Financial Advisors, Catholic Money Mastermind, Faith, Finance, Tax Cuts and Jobs Act, Roth IRA, 401k, tax deferredMentions:Website: https://www.focusedupfinancial.com/ LinkedIn: https://www.linkedin.com/in/charles-horonzy-cfp%C2%AE-cpa-8802b910/ More of Catholic Money Mastermind:Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.Are you looking to hire an advisor? Browse our members. Are you a Financial Advisor who is serious about the Catholic Faith? Join our network.

Laura explains the mega backdoor Roth conversion, who can use it, and more Roth strategies for boosting your retirement savings.Money Girl is hosted by Laura Adams. A transcript is available at Simplecast.Have a money question? Send an email to money@quickanddirtytips.com or leave a voicemail at 302-365-0308.Find Money Girl on Facebook and Twitter, or subscribe to the newsletter for more personal finance tips.Money Girl is a part of Quick and Dirty Tips.Links: https://www.quickanddirtytips.com/https://www.quickanddirtytips.com/money-girl-newsletterhttps://www.facebook.com/MoneyGirlQDThttps://twitter.com/LauraAdamshttps://lauradadams.com/

You've probably heard of a Backdoor Roth IRA, but its often explained in a complex way that makes it sound like a difficult account to open. In this episode, we'll talk through how to get the benefits of a Roth IRA when you're over the income limit to contribute. Spoiler: it's not as tricky as you think.

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 1325: Kevin Ha from Financial Panther dives into the critical decisions around managing your old 401k plans when changing jobs. He explores the importance of simplicity, the impact of administrative fees, Backdoor Roth eligibility, and any special characteristics of your old retirement plans. With practical insights and personal decisions, Kevin's guide is invaluable for anyone navigating their retirement savings amid career transitions. Read along with the original article(s) here: https://financialpanther.com/what-to-do-with-your-401k-when-you-change-jobs/ Quotes to ponder: "Simplicity is key when managing retirement accounts; consolidating funds can make it easier to track your savings." "Understanding administrative fees is crucial; they can erode your retirement savings, especially if you have multiple accounts with fixed fees." "The special characteristics of plans like the 457 can offer unique benefits, such as penalty-free withdrawals, which are worth considering before rolling over funds." Episode references: The Power of Now: https://www.amazon.com/Power-Now-Guide-Spiritual-Enlightenment/dp/1577314808 Learn more about your ad choices. Visit megaphone.fm/adchoices

People talk about Backdoor IRAs and getting one done, but do you know what they are, who they're best for, and how to get it done the right way? In this episode, Brian O'Neill shares the fundamentals of Backdoor Roth IRAs, including how they work, who is eligible, and the steps to set one up. Brian also covers the upsides and potential drawbacks of this approach, and how it fits into a broader retirement savings plan. Brian is a Certified Financial Planner, a Military Qualified Financial Professional and an Enrolled Agent. He's the founder of Winged Wealth Management and Financial Planning LLC, a fee-only fiduciary Registered Investment Advisor firm focusing on the military aviator community. Brian served 23 years in the Air Force, commanding at the squadron and group levels, and flying both the F-16 and F-35. He launched his firm in 2021 and is an expert in focusing on a small niche to grow a practice rapidly. The show notes can be found here: https://milmo.co/podcast/basics-of-backdoor-roth-IRAs/

So many of us will be hoping for no tax surprises when preparing our tax returns this year.  This is why we want to provide you with a list of common tax surprises to watch for. After working with hundreds of clients to prepare their tax returns, we're sharing the latest tax surprises we see that could be helpful to know when completing your tax return this year. Outline of This Episode [0:42] The Slott Report [2:39] Inheritance surprises [6:51] Credit card rewards [8:10] Interest income increases [10:54] Income earned in different states [12:32] 1099Ks [14:14] Underwithholding from your W4 [15:56] Forgotten statements [17:32] Double taxation on the Backdoor Roth [19:49] Underpayment penalty [21:14] The K1 for small business owners ****

Today Chris Davin, engineer and self taught master of all things Roth, joins Dr. Dahle on the podcast. For anyone who has ever wanted to get all the way into the Roth weeds, this episode is for you. We talk about Roth IRAs, the Backdoor Roth, the Mega backdoor Roth, Roth conversions, and what all of those things mean. We discuss how to determine if you should be doing pre or post tax contributions and why, and how your taxes and tax rate should be considered when deciding what kind of contribution to make. We start with a 101 level discussion before moving to a 201 level discussion and then diving into the graduate level tips and tricks. Today's episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and hundred-dollar-a-month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi  * Loans originated by SoFi Bank, N.A., N-M-L-S 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply. 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 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 is for you! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Zachary Jensen, a tax expert and real estate investor, joins us to talk about tax-advantaged retirement accounts, specifically the IRA and Roth IRA. They discuss the basics of the IRA, including contribution limits and deductions. They also explain the differences between Roth and traditional IRAs, highlighting the tax advantages of the Roth IRA. The conversation then delves into the backdoor Roth IRA strategy for higher income earners and the mega backdoor Roth IRA strategy, which allows for larger contributions. They discuss the tax implications of these strategies and the importance of consulting with a CPA. The episode concludes with book recommendations and advice from Zachary's future self.   Join Stessa at www.escapingwallstreet.com Investing with Taylor at www.investwithtaylor.com

Big Tex, Paul in Maryland, and Nick in Alabama all need to know how much money they should convert to Roth to pay as little tax as possible, today on Your Money, Your Wealth® podcast 471 with Joe Anderson, CFP® and Big Al Clopine, CPA. Johnny and June forgot to convert their backdoor Roth money - are they in trouble? Darren in Nevada has no plans at all to do Roth conversions, but surprisingly still listens to YMYW, and still wants a spitball on his retirement and real estate investment strategies. Plus, can Lolly Pop in New Jersey be less miserly and back off on saving for retirement? Can John in South Carolina use this year's lower income to reduce his Medicare premiums? And finally, if Ordinary Guy in Boston meets an untimely demise, should that change his plans to retire early? Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-471 Timestamps: 00:00 - Intro 00:58 - Can I Use This Year's Lower Income to Reduce My Medicare Premiums? (John, South Carolina - voice) 04:39 - Forgot to Convert our Backdoor Roths. Are We in Trouble? (Johnny and June, Oakland, CA - voice) 07:47 - Is Retiring This Year Doable? Should We Convert to Roth? $1.8M Saved, Spend $140K/Year (Big Tex - voice) 13:55 - DIY Retirement Guide - limited time offer - download by Friday, March 8, 2024! 15:05 - Should I Convert My Entire SEP-IRA If I'm Staying in the Highest Tax Bracket? (Paul, Baltimore, MD) 20:51 - $11M+ at Age 46. How Much Roth Conversion and When to Retire? (Nick, AL) 24:42 - Can I Back Off on Retirement Saving So I Can Be Less Miserly? (Lolly Pop, NJ) 30:43 - Financial Markets Master Class webinar - watch on demand 31:24 - Spitball on My Retirement and Real Estate Investment Strategies (Darren, NV) 38:28 - Should My Untimely Demise Change Our Early Retirement Plans? (Ordinary Guy, Boston, MA) 48:10 - The Derails

Recently, Suze received an email from a listener who did two backdoor Roth IRAs and thought she could do so with no consequences.  In today's Suze School, we get a lesson on what the those consequences were and how you can avoid pitfalls to maximize your financial security inside of a Roth IRA. Get your savings going with Alliant Credit Union: https://bit.ly/3rg0Yio Get Suze's special offers for podcast listeners at suzeorman.com/offer Join Suze's Women & Money Community for FREE and ASK SUZE your questions which may just end up on her podcast! To ask Suze a question, download the app by following one of these links: CLICK HERE FOR APPLE: https://apple.co/2KcAHbH CLICK HERE FOR GOOGLE PLAY: https://bit.ly/3curfMISee omnystudio.com/listener for privacy information.

Today we tackle a few of your questions about 529s. We answer some questions about when you have to pay taxes on your rollover IRA contributions to Roth as well as a question about Mega Backdoor Roths. We talk about structured notes and what the advantages and disadvantages are to saving for minors using a UTMA vs. a parental brokerage. Today's episode is brought to us by SoFi, the folks who help you get your money right. They've got exclusive rates and offers to help medical professionals like you when it comes to refinancing your student loans—and that could end up saving you thousands of dollars. Still in residency? SoFi offers competitive rates and the ability to whittle down your payments to just $100 a month* while you're still in residency. Already out of residency? SoFi's got you covered there too, with great rates that could help you save money and get on the road to financial freedom. Check out their payment plans and interest rates at https://SoFi.com/WhiteCoatInvestor SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions may apply. NMLS 696891. 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 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 is for you! Main Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Are there general guidelines on what percentages of your investment portfolio should be in tax-free accounts like your Roth, tax-deferred accounts like your 401(k), and taxable accounts like your brokerage? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on tax diversification today on Your Money, Your Wealth® podcast 468 for Brian in Naperville, IL. William in NH also wants to be tax-diversified. Is his Roth conversion strategy a mistake? Should he be converting much more to Roth? The fellas also do a retirement spitball analysis for Tom in Spokane, WA, and for Claire in CO, who wants to retire next year. Plus, how does Matthew in CT calculate excess Roth contributions, and how should Thomas in IA reallocate assets he over-contributed to his brokerage account? But first a couple of voice messages: Now that Sean in FL no longer has a traditional IRA, can he use the backdoor Roth strategy? We kick things off with a question from Joe in Dallas on how to account for taxes on the money you'll be spending in retirement. Access this week's free financial resources and the episode transcript in the podcast show notes, and Ask Joe & Big Al On Air for your Retirement Spitball Analysis, at https://bit.ly/ymyw-468 Timestamps: 01:06 - How to Account for Taxes on What I'll Spend in Retirement? (Joe, Dallas, TX (voice) 06:13 - Now That I Don't Have a Traditional IRA, Can I Do a Backdoor Roth? (Sean, FL - voice) 10:29 - 2024 Key Financial Data Guide - free download 11:35 - Spitball Our Financial Status and How to Reach Our Retirement Goals (Tom, Spokane, WA) 17:42 - Tax Diversification General Guidelines? (Brian, Naperville, IL) 23:23 - Goal: Tax Diversification. Is My Roth Conversion Strategy a Mistake? Should I Convert Much More? (William, NH) 29:12 - Retirement Pop Quiz and Free Financial Assessment 30:04 - Spitball If I Can Retire in 2025 (Claire, CO) 34:39 - How to Calculate Excess Roth Contributions? (Matthew, CT 38:23 - Over-contributed to Brokerage. How Should I Reallocate Assets? (Thomas, Iowa) 42:55 - The Derails

**Be a founding member of Farnoosh's private So Money Members Club**This Friday: Farnoosh shares 5 strategies that have helped her build wealth over the years, and answers to audience questions about backdoor Roth IRAs and how to manage corporate stock options. Hosted on Acast. See acast.com/privacy for more information.

In this recap episode, we're highlighting the backdoor Roth contribution strategy, the importance of correct reporting on tax returns, and the need for a proactive advisor in managing client accounts. We'll also explore the dynamics of middle-class success and those who embrace failure as a learning tool and prioritize nodal networking. Lastly, we're getting into the real deal behind confirmation bias and understanding System One and Two thinking to help you become a better financial advisor. Resources in today's episode: - Episode Website - Tax Talk: Strategies for Efficient Backdoor Roth Conversions With Guest Steven Jarvis, CPA  - Breaking Middle-Class Barriers - Insights on Wealth and Impact with Guest Lewis Schiff - Mind Over Money: Exploring System 1 and System 2 Thinking in Spending Habits

This week's mailbag episode features questions on backdoor Roth conversions gone wrong, how attractive are I-Bonds today, and how a dog photo will ensure your question makes it to our air!Thanks for sending in question to the show! To have your questions featured on an upcoming episode email us at checkyourbalances@outlook.com.Check this episode out on YouTubeFind us on Instagram

Elliot Omanson is the CEO of Owlfi and a tax genius. He spends all day trying to find loopholes and tactics to pay no taxes, and because of this has a network of some the the wealthiest and powerful people on the planet. Don't be fooled by the Chiefs Jersey, Elliot is the real deal. WELCOME TO CAMP!Thanks to Morgan and MorganBluechew for supporting this showProduced and Edited by  @99OvrAll  TIMECODES00:00 Intro01:13 Dressing to impress02:34 How do rich people avoid paying taxes?17:56 Children don't know about money + Taxes are rules to the game19:58 Practical tips for lowering taxes + 401k & social security ain't as itseems31:46 Backdoor Roth comes to the rescue34:51 What else can we do? Attempting to turn profit37:34 IRS got an army but don't be scared39:00 Tax laws, 2017's impact & intangible drilling costs46:33 Pros & cons, call by section name54:03 CPAs aren't useless but…56:41 Insurance companies have super powers1:11:30 CPAs don't understand insurance + bundle or unbundled?1:13:22 Infinite Banking + life insurance is POWERFUL1:18:31 Juicy tips - G Wagon, Augusta + charitable donations1:26:55 Universities are hedge funds1:28:37 Old Money - Rothschilds, Royal Families & low profiles1:33:05 Early life, Mormonism, Enlisting + creating own success1:45:26 Coming home from war + appreciation for life1:51:20 Freedom not things makes you happy1:55:55 Andrew Schulz's mentorship

In this podcast episode, Matt is joined by Steven Jarvis from Retirement Tax Services (RTS) to discuss a commonly misunderstood tax strategy and how you can add value to your clients through tax planning. Through talking about a critical tax strategy involving backdoor Roth contributions, they stress the importance of correctly reporting on tax returns and highlight common mistakes, such as errors in the 8606 form and issues when clients change tax preparers. The conversation explores pitfalls in the backdoor Roth process and the need for a proactive advisor.  Steven also warns against relying solely on software tools and why they require a knowledgeable operator. They also discuss the importance of managing all client accounts for optimal communication and the successful execution of complex strategies like the backdoor Roth. Tax Talk: Strategies for Efficient Backdoor Roth Conversions With Guest Steven Jarvis, CPA [Episode240] Resources for this episode: - Steven Jarvis: Website | LinkedIn - 8606 Masterclass - Effective Implementation Of A Backdoor Roth Strategy: Detailed Nuances, IRS Form 8606 (And When It's Even Worth Doing)

It's a voice message extravaganza as Joe and Big Al talk about tax gain harvesting on Dante in New York's daughter's custodial account, and the tax impacts of Leon in Chicago investing in his brokerage account. The fellas also spitball on whether Michelle in San Diego, en route to San Francisco, should buy or rent in her 60's, the mega backdoor Roth and the pro rata rule for Sean and his cichlids in Winter Springs, Florida, and whether Jason in NOLA can do the backdoor after recharacterizing his contribution. Plus, should Kevin in Ohio make like the Steve Miller Band and "take the (pension) money and run"? Can Scott in Colorado make like Johnny Paycheck and "take his job and shove it" when it's time for the rule of 55? And should Suzi and Peter consider long term care insurance and protecting their assets with an irrevocable trust? Access this week's free financial resources and the episode transcript in the podcast show notes at https://bit.ly/ymyw-464 Timestamps: 01:07 - Custodial Account Tax Gain Harvesting: Reported on My Daughter's Taxes or Mine? (Dante, NY - voice) 05:17 - Tax Impacts of Investing in a Brokerage Account? (Leon, Chicago - voice) 10:50 - Three (okay, four) ways you make YMYW the show that it is Ask Joe & Big Al On Air for your Retirement Spitball Analysis 12:28 - Is it Better to Buy or Rent in My 60s? (Michelle, San Diego - voice) 19:50 - Mega Backdoor Roth & the Pro-Rata Rule (Sean, Winter Springs, FL - voice) 26:56 - Should I Take the (Pension) Money and Run? (Kevin, OH - voice) 32:13 - Money Makeover Guide - limited time special offer - download by this Friday! Complete Money Makeover - How to Do a Financial Facelift - YMYW TV 33:08 - Should We Consider Long Term Care Insurance and Protecting Our Assets with an Irrevocable Trust? (Suzi & Peter, San Diego) 39:23 - Can I Do a Backdoor Roth After a Re-characterization? (Jason, NOLA) 43:42 - Spitball My Early Retirement Plan & the Rule of 55 (Scott, CO) 52:29 - The Derails

Jim and Chris sit down to discuss listener questions relating to Social Security, IRMAA, backdoor Roth contributions, and annuities. (13:45) A local listener worries and asks about earning excess income in a certain year while already claiming her Social Security benefit. (25:15) A Virginian listener looks for clarification on what qualifies as a “work reduction” […] The post Social Security, IRMAA, Backdoor Roth Contributions, and Annuities: Q&A #2352 appeared first on The Retirement and IRA Show.

Listener request - How to invest in Farmland via a limited partnershipCorrection to previous segment on the LotteryHow to do a MEGA backdoor ROTH 401kSummary on recent trip to Italy

Steve & Sharon in Minnesota are high earners - can they get more money into their Roth IRA without paying more tax? Should Fred in western New York do Roth conversions before required minimum distributions kick in? If Mike in Utah saves on healthcare premiums now, will that mean large RMDs and tax bills for him later? Should Mark in Maryland do a backdoor Roth after maxing out his 401(k)? And should Joseph in Kansas contribute to his new employer's traditional or Roth 401(k)?  Timestamps: 00:49 - Should We Do Roth Conversions Before RMDs Kick In? (Fred, western NY) 10:22 - Will Saving on Healthcare Premiums Now Mean Large RMDs and Tax Bills Later? (Mike, UT) 19:36 - Where to Invest After Maxing Out 401(k)? Backdoor Roth? (Mark, MD) 28:04 - How to Get More into Roth Without Paying More Tax? (Steve & Sharon, Roseville, MN) 39:24 - Roth 401(k) or Traditional 401(k) With New Employer? (Joseph from Wichita, KS) 47:08 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-455  End-of-Year Tax Planning Webinar - live and free, tomorrow Nov 15, 2023, 12pm Pacific, 3pm Eastern - register now!  How to Build a Recession-Proof Portfolio - YMYW TV Recession Protection Guide - free download Episode Transcript Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Can Jessie and Becky in Iowa retire now at age 52? Should Robert and his wife file their taxes separately, to pay less tax on their required minimum distributions? Can Joe and Al validate Mike in Minnesota's retirement plan, and does a backdoor Roth make sense for him? How in the world will Mike in New York be able to retire at a reasonable age? And what will retirement income look like for Marty in San Diego? Just spitballs here, no retirement advice! Timestamps: 00:49 - Can We Retire Now at Age 52? (Jessie and Becky, IA) 10:09 - Should We File Taxes Separately to Minimize Taxes on RMDs? (Robert) 19:56 - Validate Our Retirement Plan: Does a Backdoor Roth Make Sense? (Mike, MN) 25:11 - How in the World Am I Going to Retire at a Reasonable Age? (Mike, Utica, NY) 29:19 - What Will Our Retirement Income Look Like? (Marty, San Diego) 35:06 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-453  Retirement Readiness Guide - free download Retirement Pop Quiz - how well do you know retirement? EASIRetirement.com - free retirement calculator Episode Transcript Ask Joe & Big Al On Air for your Retirement Spitball Analysis

Should Jim in New Jersey do the YMYW-infamous Megatron (the Mega Backdoor Roth IRA) or use his Roth 401(k) - and how can he keep bonds out of his Roth accounts? Joe and Big Al discuss the January first start date when it comes to the 5-year rule on Roth conversions for Nancy in Wisconsin, and they spitball on those Roth clocks for withdrawals and tax-efficient investments for Johnny Mercer in Savannah, GA, who also wants to know the pros and cons of bonds vs. bond funds vs. CDs. Plus, should Brad in St. Louis incorporate bonds into his investment portfolio, given the fact that he will have pensions and Social Security providing 5 streams of fixed income in retirement?  Timestamps: 00:58 - The Megatron: Mega Backdoor Roth IRA vs. Roth 401(k) (Jim, NJ) 14:42 - 5-Year Rule on Roth Conversions: How Does January First Default Start Date Apply? (Nancy, WI) 19:43 - 5-Year Rule on Roth Conversions vs. Tax-Efficient Investments, Bond Funds Vs. Bonds Vs. CDs (Johnny Mercer, Savannah, GA) 32:42 - What's the Best Strategy for Incorporating Bonds into Our Retirement Portfolio? (Brad, St. Louis) 40:09 - The Derails Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-451  Complete Roth Papers Package - includes the Roth Basics Guide, the 5-Year Rules for Roth IRA Withdrawals, and the Ultimate Guide to Roth IRAs 10 Steps to Improve Investing Success Investing Basics Guide Episode Transcript Ask Joe & Big Al On Air for your Retirement Spitball Analysis