What is a back door IRA? A backdoor Roth IRA lets you convert a traditional IRA to a Roth, even if your income is too high for a Roth IRA. Who should be using one? A backdoor Roth IRA is a way for people with high incomes to sidestep the Roth’s income limits. Essentially, it […]
Month: December 2020
Retirement Account Options
Types of Retirement Plans There are several types of retirement plans available: 1. Defined Contribution Plans (AKA 401(k)/403(b)/457(b) plans) 2. IRA Plans3. Solo 401(k) plan4. Defined Benefit Plans (AKA Pensions)5. Guaranteed Income Annuities (GIAs) 6. Profit-sharing plans7. Cash-balance plans8. Cash-value life insurance plans9. Nonqualified deferred compensation plans What we’ll be focusing on are the first […]