The Ultimate Guide to Roth Retirement Accounts: Why You Need One Now

Editor's Note: This episode initially aired on June 22, 2023. It may contain some details that are out of date. Are you familiar with Roth IRAs? If you're not, you should be, because Roth IRAs are a great way to get tax-free income after you retire. There is a potential fly in the ointment, however. Namely, not everyone qualifies for a Roth. If you make too much money, Uncle Sam says you can't use 'em. But there's a way around that rule: Fund a regular retirement account, then roll it over to a Roth. It's called a backdoor Roth. Sounds sneaky, right? Should you do it? And if so, how do you go about it? Let's find out. In this podcast episode, we're talking about how to convert an IRA to a Roth IRA without getting eaten alive by income taxes. In addition, we'll be talking about nearly every facet of Roth accounts and why they should be an integral part of every retirement strategy. Host Stacy Johnson (https://www.moneytalksnews.com/author...)  is joined by financial journalist Miranda Marquit (https://www.moneytalksnews.com/author...) . Listening in and sometimes contributing is producer Aaron Freeman (https://www.moneytalksnews.com/author...) . This week's guest is Ed Slott, the founder of IRAhelp.com (http://irahelp.com/) . He's ready to tell us why a Roth conversion is his No. 1 tax tip for this year. Before we start, remember this isn't financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here. You can download the episode wherever you get your podcasts: • Listen on Apple Podcasts (https://podcasts.apple.com/us/podcast...) • Listen on Google Podcasts (https://www.google.com/podcasts?feed=...) • Listen on Spotify (https://open.spotify.com/show/4XzsoL5...) Using an IRA for your retirement We talk about individual retirement accounts (IRAs) in this episode. Here are some great resources on how to make the most of your IRA — whether you get a traditional or a Roth. • Investing in Gold and Gold IRAs: 5 Things You Need to Know (https://www.moneytalksnews.com/invest...) • The 7 Most Popular IRA Investments (https://www.moneytalksnews.com/slides...) • 15 Mistakes People Make With Roth IRAs (https://www.moneytalksnews.com/slides...) • Got an IRA? Here’s How to Use the Bear Market to Your Advantage (https://www.moneytalksnews.com/got-an...) • How a Roth IRA Conversion Turns a Stock Market Plunge Into a Plus (https://www.moneytalksnews.com/how-a-...) • 8 Ways to Maximize Your Traditional or Roth IRA (https://www.moneytalksnews.com/slides...) • How to Buy Real Estate With Your IRA (https://www.moneytalksnews.com/slides...) If you decide to do a Roth conversion, like our guest Ed suggests, make sure you know the rules. We recommend checking out Investopedia's article "Roth IRA Conversion Rules (https://www.investopedia.com/roth-ira...) ." Learn more about retirement accounts An IRA isn’t your only choice for retirement. There are different accounts and strategies you can use to make the most of your golden years. Here are some great resources for getting more out of retirement. • My Retirement Savings Are Shrinking. Should I Worry? (https://www.moneytalksnews.com/my-ret...) • How to Retire at Any Age Using Your Retirement Number (https://www.moneytalksnews.com/how-to...) • 12 ‘Course Corrections’ That Will Improve Your Retirement (https://www.moneytalksnews.com/slides...) • The Top 11 Sources of Retirement Income, According to Retirees (https://www.moneytalksnews.com/slides...) • 5 Dumb Retirement Mistakes Everyone Makes (https://www.moneytalksnews.com/5-reti...) • How to Boost Your Social Security by 30% + 7 Tips for a Richer Retirement (https://www.moneytalksnews.com/tips-f...) • How to Save for Retirement, Decade by Decade (https://www.moneytalksnews.com/slides...) • 11 Huge Retirement Costs That Are Often Overlooked (https://www.moneytalksnews.com/slides...) ...