Curated Links: 06/10/2024 – Managing Your Roth IRA

Why Should You Consider a Roth IRA Conversion?

A Roth IRA conversion involves moving assets from other retirement plans into your Roth IRA. Learn how to convert a Roth IRA and whether it’s right for you.

https://www.schwab.com/learn/story/why-consider-roth-ira-conversion-and-how-to-do-it

Source: Schwab

Backdoor Roth IRA What it is and how to set it up

“Backdoor Roth IRA” is simply a term to describe a strategy used by high-income earners who can’t contribute to a Roth IRA because their income is above certain limits. Rather than contribute directly to a Roth, you contribute to a traditional IRA, and then convert it to a Roth.

https://investor.vanguard.com/investor-resources-education/article/how-to-set-up-backdoor-ira

Source: Vanguard

Roth IRA vs. traditional IRA: Which is better for you?

A Roth IRA and a traditional IRA (individual retirement account) offer valuable retirement-planning benefits, but with different structures, income limits and pros and cons.

https://www.bankrate.com/investing/traditional-ira-vs-roth-ira/

Source: Bankrate

2023-2024 Roth IRA Contribution Limits

Roth IRA contributions are made on an after-tax basis or through a 529 rollover starting in 2024. However, keep in mind that your eligibility to contribute to a Roth IRA is based on your income level.