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The Hidden Pitfalls of 401k Rollovers
Manage episode 455940653 series 3561293
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Avoiding common mistakes in 401k rollovers could save you from unexpected tax consequences. In this episode, Mike Douglas dives into the intricacies of rolling over your 401k into an IRA, focusing on neglected required minimum distributions and the potential benefits of Roth conversions. He explores how the current historically low tax brackets offer a unique opportunity to roll over your savings into a Roth IRA for tax-free growth.
Mike highlights the importance of understanding the rules and limitations, especially for high earners who face contribution limits but can still benefit from the backdoor Roth conversion. He also warns of the long-term tax implications that come from converting your IRA into a Roth.
Ready to see if 401k Rollovers are right for you? Visit MichigansRetirementCoach.com to connect with Mike and his team today!
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