127: Understanding the Mega Backdoor Roth IRA

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 10 October 2019

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The Mega Backdoor Roth IRA allows you to contribute an additional amount into an Roth IRA due to the fact that some employer 401k plans allow after-tax contributions. Listen to this episode to see if and how you can take advantage of this opportunity. See the full transcription and links to everything talked about in this episode at https://www.whitecoatinvestor.com/classic-blog/

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Transcript

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0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here's your host, Dr. Jim Dolly.
0:18.0	This is White Code Investor Podcast number 127. Make a backdoor Roth IRAs.
0:24.0	I've been hanging out in the White Code Investor Private Facebook group. You can find that at facebook.com slash group slash White Code Investors.
0:34.0	And trying to figure out why something happens in there that doesn't happen necessarily elsewhere in some of our other communities like our subreddit,
0:44.0	that's a great place to check out a community of like-minded individuals or on the WCI forum that we host on our website itself.
0:52.0	And the reason why I couldn't figure it out for a while is because I access the Facebook group through my laptop.
1:02.0	I go to Facebook, I cook on the group, and I go in there and I see all the questions that people are asking together.
1:08.0	I think I've realized that most of the people in the Facebook group don't access it that way.
1:14.0	The questions and the topics that come up in there just show up in their feet.
1:18.0	So they're between Aunt Millie's cat pictures and whatever else you happen to be a member of or what your friends are posting on Facebook.
1:26.0	And so they just come up randomly.
1:28.0	Because sometimes some of the questions we see as well as the answers that are given in that group are less than ideal.
1:36.0	Let us say, perhaps less than I would expect from a financially literate population.
1:40.0	And so I've been trying to do a few things to improve that.
1:43.0	The first thing is I signed up all the people in the group whose email address as we had for the White Code Investor newsletter,
1:50.0	which gives them financial bootcamp, that 12-step email series that you get emailed to you once a week for 12 weeks.
1:58.0	And I think that helps bring people up to speed that are just finding the blog.
2:02.0	And I'm hoping what it will do is bring the people in the Facebook group up to speed.
2:06.0	So they kind of have the basics of financial literacy.
2:09.0	And can then talk about the esoteric they want to talk about in there.
	...

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