666 - What Is a Backdoor Roth IRA?

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.6 • 1.8K Ratings

🗓️ 6 January 2021

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Using a tax-free Roth to save for retirement is a smart move, but the Roth IRA door gets slammed in your face if you make too much money. Laura explains how high earners can still have one using a backdoor Roth IRA strategy. Read the transcript. Check out all the Quick and Dirty Tips shows. Subscribe to the newsletter for regular updates. Join the conversation on Facebook and Twitter. Links: https://www.quickanddirtytips.com/money-finance/investing/what-backdoor-roth-ira https://www.quickanddirtytips.com/podcasts https://www.quickanddirtytips.com/subscribe https://www.facebook.com/MoneyGirlQDT https://twitter.com/LauraAdams

Transcript

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0:00.0	Hello everyone and happy new year. My name is Laura Adams and I want to welcome you to the
0:11.3	first Money Girl podcast of 2021.
0:14.6	We're finally here.
0:16.2	I've been hosting this show since 2008 and if you've been part of the community,
0:20.8	you know that each episode is like a mini training. We cover a wide variety of
0:26.1	topics including credit, debt, investing, real estate, business, taxes, insurance, being a solopreneur or running a small business, money
0:36.0	management strategies, and lots more.
0:39.2	Many of the topics I cover come from you.
0:41.6	They come from your emails, voicemails, and discussions in my
0:45.9	dominate your dollars Facebook group. So please keep them coming. And if you're a new
0:50.9	listener I am thrilled that you're here and I hope you'll stick around by subscribing.
0:56.0	You'll find the notes for each show and the full archive of podcasts in the Money Girl section at
1:02.0	quick and dirty tips.
1:04.0	So if you are ready to turn the page on your life and finances this year,
1:11.0	I am glad you're here.
1:12.0	This show is for you if you've got a retirement account or you
1:16.9	want to have a retirement account. IRAs or individual retirement accounts are special because they're available to just about everyone
1:26.1	no matter your work situation. You own one as an individual, so it's a really important account to understand and to get familiar with.
1:35.2	So even if you don't have a Roth IRA right now or maybe you earn too much to
1:42.1	qualify for one.
1:43.5	Stay with me.
1:44.5	This show will help you understand more about them
	...

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