Unlock Maximum Retirement Savings with Mega Back Door Roth Strategy
Retirement Savings Potential
Most people have a working knowledge of the annual limits employees can contribute to their employer-based retirement savings plan. But based on our conversations with clients, it’s clear one strategy is not as well known and could provide a significant boost to the high earners’ retirement savings pace, a strategy known as the Mega Backdoor Roth. In short, this approach goes beyond mere accumulation but provides ample opportunity to strategically enhance tax-free retirement savings, which over the long term, could lower what is often the biggest liability for retirees – taxes.
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Ideal Candidates for this strategy
Who stands to benefit the most from this strategy? It's ideal for high earning professionals seeking to go beyond the typical retirement savings avenues. These are often individuals or households who:
- Earn high incomes, typically $250,000 or more.
- Are already maximizing the $23,000 annual contribution limit.
- Are maximizing contributions to other savings vehicles such as Health Savings Accounts (HSAs) while still meeting other goals for education savings plans, and personal brokerage investment accounts.
Disclaimer: Information contained herein is current as of 6/30/2024. It is subject to legislative changes and not intended to be legal or tax advice. Please consult your qualified tax advisor regarding your specific circumstances. The material is provided for informational purposes only on an “as is” basis. It’s completeness and accuracy are not guaranteed.
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