Backdoor

401(k) Limits Exceeded: How Mega Backdoor Roth Conversions Can Secure Your Retirement

Seattle, WA – A financial strategy known as mega backdoor Roth conversions allows individuals to make after-tax contributions that exceed the yearly 401(k) deferral limit. This method provides an opportunity to contribute up to $69,000 for 2024, which includes employee deferrals, employer matches, profit sharing, and other deposits. According to certified financial planner Jamie Clark from Ruby Pebble Financial Planning in Seattle, mega backdoor Roth conversions can be a valuable tool if used correctly. However, …

Read more

Mega Backdoor Roth Conversions Unlock Tax-Free Growth for High-Income Earners

Greenville, South Carolina – As investors seek to maximize their retirement savings, one strategy gaining attention is the mega backdoor Roth conversion. According to CFP Ashton Lawrence of Mariner Wealth Advisors, this approach is typically utilized by individuals who have already reached the contribution limit for their pretax 401(k). For the year 2024, the IRS has set the pretax or Roth 401(k) deferral limit at $23,000, with an additional $7,500 allowed for savers aged 50 …

Read more