Red Carpet Retirement™

How To Maximize Your Retirement Savings Using The Mega-Backdoor Roth Strategy (Ep. 18)

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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:

    • Use Roth Conversions to Reduce Your Lifetime Taxes: Turning Financial Lemons Into Lemonade (Ep. 17)

      • Connect with Adam Scott: 

      • LinkedIn: Adam Scott
      • LinkedIn: WellAcre Wealth
      • WellAcreWealth.com
      • Phone: 310-220-4946
        • ...more
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        Red Carpet Retirement™By Adam Scott