Episode Details
Back to EpisodesWhat Should You Do If You Make Too Much To Contribute To a Roth IRA?
Episode 191
Published 3 years, 3 months ago
Description
Scott and James discuss what to do if you make too much to contribute to a Roth IRA.
Listener Question:
I am currently 33 years old, single, and am nearing a $129,000 annual salary. I have been investing in a Roth IRA and realize the phaseout limits for single taxpayers are from $129k - $144k. My question is, how do I lower my income, besides contributing to my traditional 401k, so I can keep contributing the max $6000/year into my Roth IRA as my income rises over the years?
Planning Points Discussed:
- Utilizing Time Efficiently
- Capital Appreciation
- Purchasing Power
- Other issues (IRAs, Inflation, Financial Goals, etc.)
Timestamps:
2:30 - Introduction
6:17 - Phaseouts
8:13 - Roth IRAs
11:05 - Aligning Your Financial Goals
LET'S CONNECT!
James
Scott