A backdoor strategy for retirement
For many of you, contributing to an IRA yearly is a challenge. If you make too much money the tax advantage of contributing to an IRA disappears. You’re taxed when you put it in and then again when you take it out.
It seems as though when you make too much money the door is closed to planning for retirement in a tax advantaged way . . . or is it?
In today’s podcast we discuss a government legal loop hole. It’s called a BACKDOOR ROTH IRA. It allows you, if done correctly, to save for retirement and avoid the taxes on the backend.
Spencer Nelson, our resident financial planning guru, explains the whole process in this week’s podcast.
We have been setting up these backdoor ROTH IRA’s for many of our clients. If you’re wondering if it’s right for you, email Spencer at firstname.lastname@example.org.
Here’s to wise investing AND financial planning,
Spencer, Brett and the Iron Gate Team
*This strategy is not for everyone. Consult with a financial professional before proceeding with this or any strategy. This podcast is for educational purposes only.