Red Carpet Retirement™
How To Maximize Your Retirement Savings Using The Mega-Backdoor Roth Strategy (Ep. 18)
Are you looking for ways to maximize your tax-advantaged retirement savings bucket? (In other words, a savings bucket where both growth and withdrawals are tax-free!)
A mega backdoor Roth 401(k) might be what you need.
This week, Adam Scott, CFP®, delves into the ins and outs of a mega backdoor Roth 401(k), a financial maneuver that can potentially help you supercharge your retirement savings. You will also learn how an IRA is different from a 401(k) account, and ways to optimize your retirement income strategy.
Adam discusses:
- Traditional vs. Roth accounts — what might be more suitable for your situation?
- A brief overview of 2024 contribution limits
- How to implement the mega backdoor Roth 401(k) strategy
- Benefits for high-income individuals, business owners, and those who’ve had a huge cash inflow (e.g., inheritance or selling a house)
- Potential “landmines” to look out for while implementing this strategy
- And more
Resources:
Connect with Adam Scott: