In this episode of the Functional Retirement Podcast, host Thatcher Taylor, a Certified Financial Planner, dives deep into the world of Roth IRAs. He discusses the growing popularity of Roth accounts and the various methods to contribute to them, especially for those who may face income limits.

Key topics include:

• Income Limits: Understanding the thresholds for contributing to a Roth IRA and how they can affect your ability to save.
• Conversions: Learn about the process of converting traditional IRA funds to a Roth IRA, including the important 5-year rule that governs when you can access those funds tax-free. Watch my video here: https://www.youtube.com/watch?v=SjGV6UQ1l04
• Backdoor Roth IRA: A strategy for high-income earners to bypass contribution limits through a non-deductible traditional IRA.
• Roth 401(k): The benefits of contributing to a Roth 401(k) at work, which has no income limits.
• 529 Plan Rollovers: A new opportunity to roll over funds from a 529 plan to a Roth IRA for your children, starting in 2024.

Thatcher emphasizes the importance of understanding the different methods of getting money into a Roth IRA and how each has its own rules and implications. This episode is packed with valuable insights for anyone looking to optimize their retirement savings strategy.

Tune in to learn how to create a more functional and valuable retirement plan!

Timestamps:

00:00 Intro
01:32 Roth Knowledge
05:50 Contributions
09:20 Conversion
13:10 Backdoor Roth
19:00 Roth 401k
23:05 529 to Roth
26:20 Review

✅Contact Thatcher at [email protected] with comments and questions!

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DISCLAIMER: The information provided in these episodes is only to be considered helpful hints and education. Nothing said or shown is to be misconstrued as specific tax, legal, or investment advice. Consult with your tax, legal, or investment professional before acting on anything you see in these videos.

​​Investment Advisory Services are offered through ProPath Financial, a registered investment adviser authorized to do business in states where registered or otherwise exempt from registration. Nothing discussed in this podcast should be viewed as investment advice.