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Saving for pension? - amazing power of compound interest!
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<blockquote data-quote="sthesia" data-source="post: 488060" data-attributes="member: 494"><p>For those guys who earn an income higher than the cutoff for being able to contribute to a Roth IRA, there is a backdoor method that allows them to legally contribute to a Roth IRA and take advantage of tax-free gains.</p><p></p><p></p><p>It basically involves contributing already earned taxed income into a traditional IRA. The $$$ in that traditional IRA is then rolled over/converted into a Roth IRA, where the gains made will not be taxed.</p><p></p><p></p><p>This is currently relevant as the deadline to contribute to a 2013 Roth IRA is until April 15th this year; so you still have about a week from the date of this posting to make a contribution.</p><p></p><p></p><p>Here is a <a href="http://www.bogleheads.org/wiki/Backdoor_Roth_IRA" target="_blank">LINK</a> to a wiki article describing the backdoor Roth process in more detail.</p></blockquote><p></p>
[QUOTE="sthesia, post: 488060, member: 494"] For those guys who earn an income higher than the cutoff for being able to contribute to a Roth IRA, there is a backdoor method that allows them to legally contribute to a Roth IRA and take advantage of tax-free gains. It basically involves contributing already earned taxed income into a traditional IRA. The $$$ in that traditional IRA is then rolled over/converted into a Roth IRA, where the gains made will not be taxed. This is currently relevant as the deadline to contribute to a 2013 Roth IRA is until April 15th this year; so you still have about a week from the date of this posting to make a contribution. Here is a [url=http://www.bogleheads.org/wiki/Backdoor_Roth_IRA]LINK[/url] to a wiki article describing the backdoor Roth process in more detail. [/QUOTE]
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