Nobody loves taxes, but what if there were a way for you to set up a retirement account that would grow on a tax-free basis? And what if that retirement account would never be subject to Required Minimum Distributions (RMDs)?
The Mega Back Door Roth IRA allows participants to contribute after-tax contributions into a retirement plan, in certain circumstances up to $62K, and immediately convert that contribution into a Roth account. That gives you a retirement account whose growth is tax-free for life!
The technique was being used by a lot of ultra-wealthy people—and Congress almost removed it in 2021—but that piece of legislation did not pass. You might be able to take advantage of it.
How can you know?
Can you take money that growth would be taxed on and move it into a tax-free account?
The Mega Back Door Roth IRA is only available to certain people in certain circumstances. Talk to a seasoned Retirement Plan Consultant to help you discover whether you qualify.
If you’ve been too busy growing your business to save for retirement, you’re not alone. Get in touch with a Professional Retirement Plan Consultant and start building your future today.