The Basics of Backdoor Roth IRAs

People talk about Backdoor IRAs and getting one done, but do you know what they are, who they’re best for, and how to get it done the right way? In this episode, Brian O’Neill shares the fundamentals of Backdoor Roth IRAs, including how they work, who is eligible, and the steps to set one up. Brian also covers the upsides and potential drawbacks of this approach, and how it fits into a broader retirement savings plan. Brian is a Certified Financial Planner, a Military-Qualified Financial Professional, and an Enrolled Agent. He’s the founder of Winged Wealth Management and Financial Planning LLC, a fee-only fiduciary Registered Investment Advisor firm focusing on the military aviator community. Brian served 23 years in the Air Force, commanding at the squadron and group levels, and flying both the F-16 and F-35. He launched his firm in 2021 and is an expert in focusing on a small niche to grow a practice rapidly.

Basics of Backdoor Roth IRAs Episode Details

  • What exactly is a backdoor Roth IRA and how does the process work?
  • Who backdoor Roth IRAs are best suited for based on income limits and situations.
  • Key advantages of doing a backdoor Roth versus a traditional IRA contribution.
  • Potential drawbacks and common pitfalls to avoid when setting up a backdoor Roth.
  • The right timing for making backdoor Roth contributions each year.
  • Tips on whether to DIY a backdoor Roth or seek professional guidance.
  • How to understand how backdoor Roths fit into an overall retirement savings strategy and prioritization.
  • Questions to ask to vet a financial pro’s expertise with backdoor Roths.

Basics of Backdoor Roth IRAs Resources

Related: What You Need to Become a Military Millionaire Next Door

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