Backdoor Roth IRA Explained | MILMO Show

Описание: Backdoor Roth IRAs get talked about a lot, but many people still don’t understand how they actually work or when they should use one. If you’re a high-income earner or expect your income to grow, this strategy could play an important role in your retirement plan.

In this episode of the MILMO Show, Brian O’Neill, Certified Financial Planner and founder of Winged Wealth Management, explains the fundamentals of Backdoor Roth IRAs and how they fit into a smart investing strategy for military families and veterans.

You’ll learn:
🔑 What a Backdoor Roth IRA actually is and why it exists
🔑 Who should consider using a Backdoor Roth strategy
🔑 The step-by-step process to set one up correctly
🔑 Common mistakes that can cause extra taxes or complications

🎧 Full episode:
https://milmo.co/podcast/basics-of-ba...

00:00 Intro and overview of the backdoor Roth IRA
00:22 How a backdoor Roth IRA is it different from regular Roth contributions
02:08 Frequency of performing the backdoor Roth
03:23 Clarifying terminology: backdoor Roth IRA vs. Mega Backdoor Roth
04:18 Legitimacy of backdoor Roth post-2017 legislation
06:01 Primary benefits: tax advantages and flexibility for high earners
07:16 Drawbacks and administrative considerations
09:41 When to consult a professional and questions to ask
11:12 Strategic placement of the backdoor Roth in overall retirement planning
14:10 Best timing to execute a backdoor Roth (early in the year)
17:37 Common mistakes and how to avoid them
20:17 How to vet a financial professional for guidance
23:46 Understanding the pro-rata rule and avoiding taxes on traditional IRA balances
28:18 Practical tips for record-keeping and oversight

⋯
Find & Follow MILMO:
Instagram:   / itsmilmo  
X: https://x.com/ItsMILMO
LinkedIn:   / itsmilmo  
Facebook:   / itsmilmo  
YouTube:    / @itsmilmo  

🎙️ Listen to The MILMO Show:
https://milmo.co/expert-resources/mil...
📬 Join the MILMO Memo:
https://milmo16569.activehosted.com/f/4

Disclaimer: My videos are intended for educational and entertainment purposes only. I do not give investment advice.

#BackdoorRoth #MilitaryMoney #MilitaryFamilies #RetirementPlanning