Tag: After-Tax Contributions
Mega Backdoor Roth Explained: The Tax-Free Growth Strategy for High Earners

Mega Backdoor Roth Explained: The Tax-Free Growth Strategy for High Earners

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Have you ever maxed out your 401k and thought, ‘Where else can I put money that grows tax-free?’ If you’re a high earner, especially working in MedTech or the corporate world, this strategy might change the way you save for retirement. Matt breaks down one of the most powerful (and often overlooked) retirement strategies available today: the Mega Backdoor Roth. It’s a legal workaround for those who can’t contribute directly to a Roth IRA and are already hitting their 401k limits midyear.

Here’s some of what we discuss in this episode:

❓ Understanding the Mega Backdoor Roth strategy

🔨 How the Mega Backdoor Roth process works

📊 The long-term value of tax diversification

🔍 Ideal candidates for this approach

🚫Key pitfalls to watch out for

0:00 – Intro

0:28 – What is a Mega Backdoor Roth?

2:33 – How does it work?

3:35 – Is this a good deal?

3:46 – Why does it matter?

4:21 – Who is this for?

5:05 – Mistake to avoid

Other Resources

📌Our website: https://www.perspective6wealthadvisors.com/

📞Phone: (952) 225-0333

📧 Email: perspective6@savvyadvisors.com

🗓 Schedule your no-cost consultation: https://www.perspective6wealthadvisors.com/start-here/

📚 Essential Financial Guides

📌5 Ways to Maximize Your Medtronic 401k Plan Guide: https://perspective6wealthadvisors.com/guide/

📌Stock Compensation Tax Form Checklist: https://perspective6wealthadvisors.com/stock-compensation-tax-checklist/

📌ESPP: A Comprehensive Guide: https://perspective6wealthadvisors.com/espp-guide/

📌Check out our other no-cost financial resources here: https://perspective6wealthadvisors.com/resource-center/

📲 Stay Connected

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Investment advisory services offered through Savvy Advisors, Inc. Other entities and/or marketing names, products or services mentioned here are independent of Savvy Advisors, Inc.
How To Maximize Your 401(k) With Matthew Nelson (Ep. 6)

How To Maximize Your 401(k) With Matthew Nelson (Ep. 6)

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Ever wondered if your 401(k) could do more?

Unlock the full potential of your 401(k) with financial planning professional Matt Nelson in this episode of “The MedTech Wealth Advisor Podcast”. Tailored for MedTech professionals and entrepreneurs, this episode is loaded with insights into optimizing your 401(k) retirement plan.

Key Highlights:

  • Maximizing Contributions: Unearth the secrets to accessing ‘free money’ via employer matches
  • Navigating Contribution Types: Journey through the complexities of different contribution types and how they impact your financial future
  • Balancing for Future Tax Gains: Master the strategy of aligning contributions to reap maximum tax benefits down the line
  • Exploring Employer Matches: Dive into the lesser-known aspects of employer matches and their potential to significantly bolster your retirement savings
  • The Early Bird Advantage: Understand why initiating your 401(k) contributions early can lead to a more prosperous retirement
  • And much more!

 

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