#541 CPA EXPLAINS: Optimal Order Of Investing For High Income Earners
Update: 2024-11-05
Description
In this episode of the Main Street Business Podcast, host Mark J. Kohler and Mat Sorensen break down essential strategies for high-income earners looking to maximize their retirement contributions. Learn how to utilize "backdoor Roth" and "mega backdoor Roth" methods to surpass traditional contribution limits, gain insights into employer matches and after-tax contributions, and explore the powerful role of Health Savings Accounts (HSAs) as part of your retirement plan.
Here are some of the highlights:
- Mark and Mat address the misconception that retirement accounts aren't beneficial for high-income earners due to contribution limits.
- Emphasize the importance of planning together with one's spouse to understand and align on retirement goals.
- Introduction to "spousal backdoor Roth IRA" for married couples to maximize their contributions.
- Advise against prioritizing college savings over retirement contributions, emphasizing the need to secure one's own financial future first.
- In-depth discussion on advanced retirement strategies for self-employed individuals, including cash balance plans and defined benefit (DB) plans.
- The concept of "match and out," where one contributes enough to receive employer matches and then focuses on other accounts.
- Mark and Mat encourage listeners to seek professional advice to maximize their retirement contributions and achieve financial security.
- Grab my FREE Ultimate Tax Strategy Guide HERE!
- Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification.
- You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
- Looking to connect with a rock star law firm? KKOS is only a click away!
- Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
- Craving more content? Check out my Instagram!
Comments
Top Podcasts
The Best New Comedy Podcast Right Now – June 2024The Best News Podcast Right Now – June 2024The Best New Business Podcast Right Now – June 2024The Best New Sports Podcast Right Now – June 2024The Best New True Crime Podcast Right Now – June 2024The Best New Joe Rogan Experience Podcast Right Now – June 20The Best New Dan Bongino Show Podcast Right Now – June 20The Best New Mark Levin Podcast – June 2024
In Channel