More people are familiar with the Backdoor Roth IRA strategy but there is also a Mega Backdoor Roth Strategy. While the Backdoor Roth Strategy is available to the majority of people, the Mega Backdoor Roth Strategy is more limited since it depends on how your employer sponsored retirement plan, whether it’s a 401(k), 403(b) or 401(a), is set up. In this episode, discuss Roth conversions, review the Backdoor Roth IRA strategy (also check-out Episode 38: The Backdoor Roth IRA Explained) and then discuss the Mega Backdoor Roth Strategy. This week’s episode covers:·        What a Roth conversion is and how it works·        Why it’s important to know whether your IRA contributions are pre-tax or post-tax·        How to handle taxes when performing a Roth conversion·        The income limits for Roth IRA contributions in 2025 and how they affect high earners·        Why the Backdoor Roth IRA remains a valuable strategy despite no upfront deduction·        The step-by-step mechanics of the Mega Backdoor Roth strategy·        Which types of 401(k) plans support Mega Backdoor Roths·        Why business owners and self-employed physicians are uniquely positioned to take advantage of these strategies·        Tax implications and planning considerations, including why consulting with a CPA is essential If you’ve been wondering how to maximize your retirement savings and achieve greater tax efficiency, especially as a high-income earner, this episode is packed with practical guidance.Please subscribe and leave a review on your favorite Podcasting platform. Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching . You can learn more about Elisa at her website or follow her on social media. Website: https://ww.GrowYourWealthyMindset.com Instagram https://www.instagram.com/GrowYourWealthyMindset Facebook https://www.facebook.com/ElisaChiang https://www.facebook.com/GrowYourWealthyMindset YouTube: https://www.youtube.com/c/WealthyMindsetMD Linked In: www.linkedin.com/in/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mind...

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