How to Use a Mega Backdoor Roth Conversion
Money Girl
Macmillan Holdings, LLC
4.6 • 1.8K Ratings
🗓️ 12 June 2024
⏱️ 17 minutes
🧾️ Download transcript
Summary
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.
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Transcript
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| 0:00.0 | If you love the idea of having tax-free income in retirement from a Roth IRA, |
| 0:11.6 | that can really help you stretch your savings a lot farther after you stop working. |
| 0:17.0 | However, there's a catch. If you earn too much money, you can't contribute to a Roth IRA. But the good news is that you can still |
| 0:26.0 | get Roth benefits even as a high earner using the mega backdoor Roth. This is a |
| 0:32.1 | strategy that can help you save a lot more for retirement and make |
| 0:36.7 | entirely tax-free withdrawals. So this podcast will review how the mega backdoor Roth works, who can take advantage of it, and even more Roth |
| 0:47.1 | strategies when possible. |
| 0:49.4 | Welcome back everyone. |
| 0:50.3 | Thanks for joining me. |
| 0:51.3 | I'm Laura Adams, a money speaker, |
| 0:53.2 | spokesperson, award-winning author of several books. You might be |
| 0:57.0 | interested in grabbing a copy of Debt-Free Blueprint, how to get out of |
| 1:01.4 | debt and build a financial life you love. Or my most recent |
| 1:05.2 | title, Money Smart Solopreneur, a personal finance system for freelancers, |
| 1:09.8 | entrepreneurs, and side hustlers. Money Smart Solopreneur was a number one Amazon new release. |
| 1:16.0 | And both books are available as paperbacks, e-books, and audio books, |
| 1:20.0 | so I hope you'll check them out. |
| 1:22.0 | Before we get started, I want to thank a reviewer on Apple Podcasts who says, |
| 1:27.0 | I'm a 23 year old and finding this, my goodness, has been a help. |
| 1:32.0 | Starting from motivating me to take care of my financial responsibilities |
| 1:36.0 | and learning about things I didn't have a clue about. |
| 1:39.6 | Thank you so much. |
... |
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