What is a backdoor Roth IRA and how does it help high earners save for retirement?

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Saving for retirement is a big concern for many Americans, even those who are considered high-earners. But sometimes, if your income is considered too high, you might miss out on some great savings options. That's where something called a backdoor Roth IRA comes in. CBS News business analyst Jill Schlesinger has more.
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Опубликовано:

28 сен 2024

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Комментарии : 26

@m3talHalide-rt2fz 4 месяца назад

If you have a large pre-tax 401 and were laid off, lowering your estimated income for the tax year, thats the ideal time to covert as much as you can afford to.

@alrocky 2 месяца назад

Ideal time is when conversion keeps you in 12% Federal Tax Bracket (under $47k for Single and under $93k MFJ). Do you have money outside of the traditional 401(k) to pay for the conversion tax?

@crazycool2863 4 месяца назад

Is the back door IRA banned now?

@alrocky 4 месяца назад

No not banned, back door Roth IRA is still available. Caveat for pro rata rule if you have existing traditional IRA balance.

@crazycool2863 4 месяца назад

@@alrocky thank you. I read it somewhere that Biden’s new tax law is to ban back door ROTH, and also ban 1031 exchange to get more tax revenue..

@jpstairs 4 месяца назад

Backdoor?

@ddduva4440 4 месяца назад

Ahhhh, the rich media worrying about how to manage their wealth.

@gregorypeterson9 4 месяца назад

Great less worry about the one percent. How about the struggling rest of us.

@yestyleryes 3 месяца назад

then just contribute to your roth ira as normal since you fall under the income limit

@sabareeshsivakumar4346 3 месяца назад

1) 401k/403b at least contribute just enough to get employer match. 2) Roth IRA 3) High yield savings account. Let me know if you are looking for referrals.

@dantesantoyo3460 Месяц назад

Haha im an RN here in California and trust me, WE ARE NOT THE 1%. Do we make decent money ? Yes! Does almost half of my check go to taxes every paycheck ? YES! me and my partner are both RNs and if we bought a home today with the prices and interest rates, it would cost her 1 check and me 1 check. We have no kids so our living expenses are not high. Just some clarity. When we retire we would like to be able to live comfortably too

@paulsaragosa371 2 месяца назад

I don't have a cent at all costs okay

@4happythoughts 3 месяца назад

I’m confused about 01:40, she said single earners earning less than 153K but the chart shows 153K plus for qualifications

@sabareeshsivakumar4346 3 месяца назад

What she said was to qualify for Roth IRA but what they showed on screen was the income eligibility for backdoor

@alrocky 2 месяца назад

@@sabareeshsivakumar4346 Info on screen was for 2023 but she speaks about 2024 Roth income limits

@justinh4520 10 дней назад

If you make between 146k and 153k you're eligible for a partial roth / partial traditional. It adds to the confusion.

@BrigetteWaltershield 18 дней назад

I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.

@CamdenVanderlaan 18 дней назад

There are numerous strategies to achieve high yields during a financial crisis, but it is crucial to undertake such trades with the guidance and supervision of a professional financial advisor to ensure informed decision-making and risk management.

@MarvelMouldin 18 дней назад

You are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.

@MarvelMouldin 18 дней назад

Nicole Anastasia Plumlee is the coach that guides, you probably might've come across her before I found her through a Newsweek report, she's quite known in her field, look-her up.