Retirement

If you’re looking to maximize your retirement savings but find yourself above the income limits for a Roth IRA, the backdoor Roth IRA might be the solution you need. Let’s break down what a backdoor Roth IRA is, how it works, and why it might be a good option for you.

Traditional and Roth IRA accounts are essential tools for securing retirement funds. While they share some similarities, they also have distinct differences, particularly regarding contribution and distribution rules. The best choice for you will depend on your specific tax situation.