Ask an Advisor: How to Start a Backdoor Roth IRA at 44

Mastering the Backdoor Roth IRA Conversion: A Strategic Guide for High Earners

Amidst an ever-evolving financial landscape, the backdoor Roth IRA conversion emerges as a pivotal strategy for investors seeking to maximize their retirement savings' efficiency. With the allure of tax-free growth and withdrawals, the Roth IRA stands as a beacon for those navigating the complexities of retirement planning. However, for high-income individuals, the path to contributing to a Roth IRA is often obstructed by income limits set by the IRS. In 2023, those earning above $161,000 as single filers find their direct contribution options to a Roth IRA barred, necessitating innovative approaches like the backdoor Roth conversion.