WCI #397: Roth, Mega Backdoor Roth, Solo 401(k)s and IRAs
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Dec 12, 2024
This discussion dives into the nuances of retirement accounts, focusing on mega backdoor Roths and their importance for high earners. Listeners learn about managing traditional versus Roth IRAs, including how to approach conversions and inherited IRAs. The hosts also tackle personal reflections on financial independence, especially for those navigating single life. Networking and wellness take center stage in preparations for an upcoming conference aimed at enhancing financial literacy among medical professionals.
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Mega Backdoor Roth 401(k) Workaround
Keith from California asked about Mega Backdoor Roth 401(k) issues.
Jim Dahle advises contacting the 401(k) provider directly to send a check, bypassing payroll.
insights INSIGHT
Non-Discrimination Testing
Employers hesitate with Mega Backdoor Roth due to non-discrimination testing.
This testing ensures benefits aren't solely for high earners; failing it means penalty payments for other employees.
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Taxable Accounts for Retirement
Consider taxable accounts for retirement savings if your employer doesn't offer desired options.
Jim Dahle emphasizes that taxable accounts are a valid primary retirement savings vehicle.
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Today we are answering your retirement account questions. We answer questions about the mega backdoor Roth, Roth conversions, solo 401(k)s, individual IRAs and what to do with an inherited IRA.
Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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