Roth IRAs and Backdoor Roth Accounts: Which Is Right for You‪?‬ Small Biz Ahead

Episode Notes
Hey everybody, this is Gene Marks and thanks for joining me this week on the Hartford's Small Biz Ahead podcast. This week I wanna talk to you a little bit about Roth IRAs and backdoor Roths as well. A Roth IRA is something that everyone should have if possible. You are now allowed if you're a business owner to set up a Roth 401(k) account. That's also like your regular 401(k) account. And as individuals we can also buy Roth IRAs, all with the same limitations, that come with regular IRAs. Now, first of all, let, let's talk a little bit about what a Roth IRA is. When you put money away into your retirement account, like a regular 401(k) or an or an IRA, you do realize that you're just deferring taxes, right? You are not paying taxes on that income and until you take it out and you're forced to take it out sometime after the age of 70, those age ranges are going up, but it's approximately after the age of 70.

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