As Monday, April 18 quickly approaches – the imminent tax day – you may be considering some wealth management options to help you manage your assets with minimum taxation. If you’re nearing retirement age, or recently retired, you may consider converting your employer-paid retirement fund to a Roth IRA. Or perhaps you have been saving additional money in a private IRA, which you may also want to convert to avoid the dreaded Required Minimum Distributions that will kick in at the age of 71. 

Luckily, you still have the option to convert your taxable retirement savings that you’ve worked so hard for into a tax-free Roth IRA account. Thankfully, at the end of 2021, the federal government did not move forward with its initiative to close the beneficial ability to convert a traditional IRA to a Roth IRA. Now, you are still being afforded the right to keep your hard-earned money and reduce the taxes your heirs will need to pay upon distribution. 

Read more to learn about what happened in 2021, how it will impact your taxes, and why it is so important to take advantage of the services provided by Mid Atlantic Financial and Roth Right to prepare for the future and grow your wealth.

  1. The “Build Back Better” legislation endorsed by President Biden’s administration is primarily focused on infrastructure, but it also includes provisions that would serve to eliminate the backdoor Roth IRA loophole currently in existence.

  2. This legislation would, in effect, prohibit the conversion of after-tax money from a traditional IRA or eligible 401(k) plan to a Roth IRA. Furthermore, for taxpayers with incomes higher than $400,000 for individuals, $425,000 for heads of household or $450,000 for joint filers, this same legislation would prevent any conversion of pre-tax money from a traditional IRA or eligible401(k) to a Roth IRA.

  3. In 2021, the “Build Back Better” legislation passed the House of Representatives, although it was derailed in the Senate and is currently being reworked. While the bill is likely to make its way back through Congress, there’s no telling at this time what the future of the Roth IRA conversion strategy will be.

Based on what we now know about the state of taxes in the US and potential changes to tax law, it is imperative that families begin to secure their financial futures and take advantage of the tremendous benefit of converting your traditional IRA to a Roth. Roth Right’s visionary leadership and team of dedicated experts, paired with traditional and unique investment and tax strategies, is what sets the company apart. 

We have worked with countless individuals to save them millions of dollars of hard-earned money that they intend to pass on to their heirs. Roth Right was created to assist you with preserving your wealth and securing the future for your heirs.

Given the complexity involved in converting a traditional IRA to a Roth, you want to work with the best in the business. Our unparalleled experience and success in the wealth management industry are unmatched by any other financial services establishment.

At Mid Atlantic Financial, we will not waste your time or money. Our team prides itself on honesty and transparency, and we want to be sure that you can make an informed decision about whether this is a strategy you should pursue. Your financial future is important to us. I have decades of experience and innovation in this field, and have built a no-nonsense culture at Roth Right.

I personally pioneered and rigorously tested this strategy. It is a safe and effective way to secure your wealth – and if it’s not right for you, we can discuss other options that may better suit your needs. That is the value of working with Roth Right – we are here to secure your wealth and provide options for future investment. Trust matters, and Roth Right will advise you with integrity and your best interests in mind. 

It’s not for everyone. Converting to a Roth IRA is a complex process that must be implemented with the deepest attention to detail. This strategy applies to high-income earners, and high net-worth individuals, who will be deeply taxed once their Required Minimum Distributions start to kick in at the age of 71.

Below are a few questions that interested candidates should ask themselves before considering this strategy:

  1. Do I need access to my converted funds immediately or can I wait at least five years?

  2. If I convert, do I have the available liquidity to cover the tax that will be imposed during the first year?

  3. After age 71, am I prepared to begin making the distributions on my IRA that are required by the government? And paying taxes on that income each year? 

  4. Do I want to find out how I can effectively save thousands, if not millions, of dollars by converting to a Roth IRA now? 

After considering your answers to these important questions, you should work with an experienced and proven Roth Right financial professional. Our money-saving tax strategy may seem complex at first, but our team will walk you through every step of the way.  

Take advantage of our services and grow your wealth by connecting with the experts at Roth Right. We will expertly guide you through the conversion process every step of the way – saving you up to 40% of the taxes that you are required to pay on the conversion – and increasing your net worth by potentially millions of dollars for you to pass on to your spouse or heirs. 

Rest assured that you can trust us to help you work through this highly beneficial process. Connect with us today and take the important first step in securing your – and your family’s – financial future.

Register now!

June, 4th 2024 | 6PM
Riverton Country Club
1416 Highland Ave
Cinnaminson, NJ 08077

Join us for a FREE educational seminar that highlights an alternative investment that is not correlated to the markets and targets double digit returns!

Learn why big investment banks such as Deutsche Bank, Berkshire Hathaway and AIG have placed billions in this asset class.

Virtual attendance option available. Please designate in form how you would like to attend in respective field.