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The Financial Breakaway Podcast is your guide to breaking free from the confusion of the financial world and unlocking your path to a more confident retirement plan. Join me as I look to empower mid-career to retirement-aged individuals, just like you, through engaging conversations about what retirement means to you and then how to build a retirement plan that fits. While crucial topics like investing strategies, tax planning, withdrawal strategies, and social security will be discussed, I believe that your personal goals, desires, and lifestyle are equally vital. In this podcast, I’ll help you bridge the gap between financial strategies and your individual aspirations, merging the two to create your very own ”financial breakaway.” ----------1200 N. Mayfair Rd, Ste. 300, Milwaukee, WI 53226 414-253-4600. Securities and investment advisory services offered through Osaic Wealth, Inc., member FINRA (www.finra.org) SIPC (www.sipc.org). Osaic Wealth separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Osaic Wealth does not provide tax or legal advice. This communication is strictly intended for individuals residing in states of CO, FL, GA, MI, MN, MO, MT, NC, TX, and WI. No offers may be made or accepted from any resident outside the specific state(s) referenced. PLEASE NOTE this information being provided is strictly as a courtesy.
Episodes
Thursday May 06, 2021
Thursday May 06, 2021
The Mega Backdoor Roth is a special type of 401(k) saving strategy used by people with higher incomes to get nearly triple the amount of funds into their 401(k), while converting a good portion of them to Roth right away. This little-known strategy works under very particular circumstances for people with plenty of extra money they would like to stash in Roth.
Show Notes:
Jane is 45 years old, makes 150,000 a year in income.
Single filer for taxes which puts her over the Roth IRA contribution limit
Company 401(k) match of 50% of first 10% contribution
She does:
$19,500 salary deferral pretax into her 401k
$7,500 company match
$27,000 total contributions
She could then contribute up to $31,000 (58,000 -27,000) into the after-tax source of the 401(k) before hitting the overall cap.
Then she can convert those after-tax dollars to the Roth inside her 401(k) or outside to a Roth IRA if plan allows without penalty.
Please visit www.rhitch.com/resources for more information.
Ryan Hitchcock
Financial Planner
High Point Capital Group
Direct: 414-253-4611
rhitch@hpcg.com
Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance is not guarantee of future results. Securities and investment advisory services offered through SagePoint Financial, Inc. (SPF), member FINRA/SIPC. SPF is separately owned and other entities and/or marketing names, products or services referenced here are independent of SPF.
1200 N. Mayfair Rd., Suite 300, Milwaukee, WI 53226. Phone: 414-253-4600.
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