How Do I Maximize Retirement Savings?
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I let's go to shine in but I kind of tell you some George, i've never been a looming and i'd like to beautiful. I hear good things and gotto look excited when I saw shine. Why on their dave is their dave?

We were on two hundred thousand that we don't having need on.

I hope not. I was going to say that was what I was expecting you to say when you're socked in away seven hundred K O year. And that's pretty good.

We ve been married ve years, not first marriage.

I assume your houses paid for as .

well OK want know how maximize our retirement savings with the grease tax minister. And at that income level, can I contribute to a mega raw doing the back door?

So you've got a few options, and this is for any high and commands ers out there. You don't want to make nine hundred thousand. Even if you make two hundred fifty thousand, these might be options you can look into. So you do have a four one, kay, through your employer.

No, i'm self employed. My wife has a four one k through her employer.

okay. Um as as someone who self employed, are you doing any investing through that? They have you set up a solo for one k step? Anything like that?

You know i'm just contributing and IT was seven five hundred dollars to my I have a rough account which have not contributed to lately, have a traditional fall in k that I rolled over and I have just individual broker account. okay. So I just been put in seven, five hundred year year and that .

from you've got to be doing a back to or off, I ray.

without making that kind of money.

you need to legally, you cannot contribute to a rafi re. With that kind of income. What you can do is use after tax money to fund a traditional array.

And then you can immediately convert IT to a rough with no penalty. So here i'm going to set you up with with a team because that's what you need with this kind of income and this kind of money. You don't want to play games and try to just DIY and hope for the best.

So number one, go to rain these solutions dot com and click on trusted pros. Number one, you need a great tax pro. And we've got those ramsey trusted tax pros at ramsey solutions dot com.

They're going to help you minimize taxes with that kind of income. The second thing you need is a smart vesta pro. These are the investing pro we trust to help our folks navigate the wealth journey. And it's not just choosing funds.

There's a lot at stake here when IT comes to tax planning, a state planning, college planning, you name IT, and so they're gona help you figure out the options that are right for you that are illegal for you to take. But i'll tell you just on a quick radio call, of course, filling up the tax advantage because is going to be your best bet. So raf, in case any time you see raf, that's great. That's after tax money grows, tax free. The next best bet is to look into a backdoor off ira and they mega back to rough, which is where you use a four one k and a contribute after tax money into the four one k and then you can roll IT over, similar to the the back door of beyond that, do you guys have an H S C A health .

savings account employee 啊？

So with that h sa you you can also contribute there. And beyond the threshold ld of about a thousand box you can invest. And when you're sixty five, that can turn into a traditional foreign kay, essentially you can use that money for things outside medical expenses.

So beyond all of that, the broker account is your best bet where there's no tax of energy, but there's no income limits, no contribution limits. Yes, that's the Spark notes. But again, reach out to that team. Remey solutions don't calm and they can help.

Yeah smart vester and attacks via tax pro would be absolutely hear number one options here. Good problems to have oh yeah, you're going to love IT. He's going to love the plan they developed for him. So really good stuff.

Thanks for listening to ramsey everyday millionaire need help with your investments. Connect with a smart vest pro at ramsey solutions. Don't come slash vest or click the link in the show notes. Randy solutions is a paid non client promoter. Participating pros learn more razi solutions, don't com slash smart vester.