"A backdoor Roth IRA is an investment strategy enabling high-income earners to contribute to a Roth IRA despite income limits, providing them tax-free growth benefits."
"At 48, it's not too late to pursue a backdoor Roth IRA, allowing for tax-advantaged growth even if retirement is just a few years away."
Individuals in the FIRE (Financial Independence, Retire Early) community often favor IRAs for their tax-free growth. A Redditor at 48 is learning about backdoor Roth IRAs, questioning if it's too late to utilize this strategy. With a net worth of $2.8 million and an aim to reach $4.5 to $5 million by retirement, they currently save $250,000 annually. This article discusses the backdoor Roth IRA, explaining its benefits for higher earners and emphasizing that itâs never too late to leverage such investment strategies for retirement savings.
Read at 24/7 Wall St.
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